Tax amnesty deadline looms
Offshore account holders have until the end of play today to declare untaxed funds
As the offshore accounts tax amnesty deadline ends today, only a “smattering
” of the 20,000 UK residents thought to be hiding untaxed funds have come clean.
Smith
& Williamson national tax director Richard Mannion said that
many had failed to take the opportunity to declare funds hidden offshore,
reported the
Daily
Telegraph.
Fines are limited to 10% of unpaid tax on funds transferred into the accounts
over the past 20 years – however serious cases could be prosecuted.
Further reading:
PBR 09: Offshore account holders
urged to disclose
