HMRC reminds offshore savers of deadline

Monday, March 8 2010

HM Revenue & Customs (HMRC) has warned that there are only a few days left before the offshore disclosure deadline.

Savers with offshore investments who have told HMRC they want to use the New Disclosure Opportunity must do so by March 12th or face severe penalties and potential legal action.

Before the deadline there is a ten per cent penalty rate and all tax, duties and interest must also be paid.

Permanent secretary for tax at HMRC Dave Hartnett said: "Taxpayers with offshore investments who have notified us of their intention to disclose have done the right thing, saving themselves 90 per cent of the potential penalties for failing to disclose."

Those who have notified their status will be contacted by HMRC in the next few days.

Furthermore, HMRC has notified 300 UK banks that they must inform the Treasury of any savers who have offshore accounts so that tax can be properly regulated.

Last week the government revealed plans to publish names and details of anybody caught evading taxes, in a bid to catch tax cheats.