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25 April 2007
FRANCESCA LAGERBERG and PAUL ROBERTS consider HMRC's recent announcement about an offshore disclosure facility
KEY POINTS
- Steps that need to be taken to use HMRC's offshore disclosure facility.
- Types of situations covered.
- No immunity from possibility of prosecution.
- Onshore disclosures can also be made within the same timescale.
- Need to give guidance to clients who may wish to disclose.
Well it has happened at last. After months of speculation and rumour in the press HMRC have announced what many have dubbed a 'tax amnesty'.
Of course it is not an amnesty at all but a reduced penalty regime which follows a model that has been highly successful in countries like Ireland. The Irish tax authority received well over £550 million as a result of its initiative. The UK experience could easily raise several billions.
HMRC have called the initiative the opening of an 'offshore disclosure facility'...
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