A number of opportunities have been on offer from H M Revenue & Customs ('HMR&C') for people with undeclared income and gains offshore to disclose the amounts involved in exchange for incentives including a guarantee of not being prosecuted, a limited number of years to be assessed and a reduced penalty.
If you have money or other assets in Lichtenstein or the Crown Dependencies which has not be declared to HMR&C or funds in other territories which could be moved to Liechtenstein then you need to consider the following information.
HMR&C have stated that they are going to close the last promotion and this will be the last opportunity for people who have not previously declared taxable income in those territories to make an unprompted Disclosure to HMR&C under the current conditions.
The last date to make a Disclosure is 31 December 2015, several months earlier than previously advertised.
HMR&C will still accept unprompted Disclosures after 31 December 2015 but the advantages will be reduced.
Disclosures will be accepted up to June 2017 but the current penalty of 10% will increase to 30% and there will be no immunity from prosecution.
If you have a Disclosure to make to HMR&C you need to do so before the end of 2015 as the overall costs of settlement will be less and the risk of prosecution avoided.
Making a Disclosure can dramatically reduce your settlement costs and specialist advice from the High Level HMR&C trained staff at Cobham Murphy Limited can ensure that the Disclosure is dealt with appropriately and efficiently and that you are protected to the fullest extent possible from criminal prosecution.
If you have a Disclosure to make to HMR&C call Morag Collins or John Green for an informal discussion or E-mail brief details and we will call you to explore matters therefore.
Telephone: 0151 285 3100
Fax: 0151 285 3131
e-mail: [email protected]ham-murphy.co.uk