HM Revenue & Customs (HMRC) raised £400m with their 2007 ‘amnesty’ to offshore account holders in 2007 and they are now about to offer a second chance to people who have not yet declared. 

Details have not yet been released but there are many reasons why a new amnesty will be useful for many taxpayers.  Some people have offshore accounts without realising they have to declare them.  Others find their tax affairs have become badly maintained.  Unfortunately, the defence ‘I didn’t realise’ won’t help and penalties for undeclared income can be as high as 100% of the tax owed.  British residents receiving money from offshore accounts are liable to UK income or capital gains taxes.

Target specialises in tax issues and we can help you to make the most of what may be the last opportunity to voluntarily declare income from overseas – potentially benefiting from reduced penalties.  Any disclosure has to be handled with care and we have the expertise needed to negotiate with HMRC and ensure the best possible outcome.  Of course we are also expert in all areas of non-dom rules and so we can help you to decide exactly what your tax position is and how best to manage it.

If you would like more information, please contact Hilary Pointer on 01225 486 304/ Hilary.Pointer@target-accountants.com