IMPORTANT NOTICE TO ALL CLIENTS from Marc Bennett :
Tax Investigations as a result of Offshore non-compliance – VERY IMPORTANT
I am writing to advise you that if you have any under declared taxes from overseas assets i.e. tax that should have been paid on bank interest, property income or other overseas assets, then it is vitally important that a voluntary declaration is made to HM Revenue & Customs without delay to reduce the possibility of substantial new penalties which will come into force from 1 October 2018.
Until 30 September 2018 you can take advantage of the statutory “requirement to correct”. By making a voluntary disclosure prior to that date, the penalties on top of the tax liability (plus interest) imposed by HMRC can be reduced to only 30% of the outstanding tax liability. However, if you choose not to make a disclosure prior to that date then the penalty could be up to 200% of the underpaid taxes (plus interest) and there is a far greater likelihood of prosecution if HMRC commence an enquiry having made the first move (“prompted disclosure”).
Under the Common Reporting Standard, HMRC are now being advised by over 100 countries worldwide to include offshore institutions such as banks and trust companies of clients who have a UK address. This includes jurisdictions with traditionally high levels of banking secrecy such as Switzerland and Liechtenstein.
I therefore urge you to advise me immediately of any offshore assets that need to be declared. Please do not delay as to delay could cost you substantially higher penalties in the future and possible prosecution by HMRC.
In view of the seriousness of the position I am writing this blog as a generic notice to all my clients to urgently act as appropriate if applicable.
Please do not feel I am specifically targeting you.