Revenue tax campaign 'to target undeclared UK income'
10 Jun 2009
HM Revenue and Customs (HMRC) may extend its offshore tax campaign to target funds hidden in the UK as well, according to recent reports.
The New Disclosure Opportunity (NDO), which was announced in this year’s Budget, aims to encourage taxpayers with offshore accounts to come forward with details of any undeclared income. However, HMRC has confirmed it will also pursue untaxed funds hidden in the UK.
As an incentive, taxpayers will incur a limited penalty of just 10% of their unpaid tax, rather than the full 100%.
'They will only receive beneficial terms if they make a full disclosure and if that includes other non-offshore funds, then the terms of the new disclosure opportunity will apply to the other funds as well,' said a Revenue spokesperson.
The NDO will run from the Autumn until April 2010.
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