Overseas savers offered tax amnesty
UK savers who have undeclared funds in overseas bank accounts will this autumn be urged to come forward with details after the announcement of a tax amnesty which is expected to raise the UK authorities in the region of £2 billion. The government is offering savers with undeclared accounts the chance to pay back tax, avert fines and potential legal action.
This is not the first time the UK authorities have instigated such a "new disclosure opportunity" although this looks like being by far and away the largest operation today. Worryingly for some, the UK authorities are already aware of a significant number of accounts held with foreign banks and are in many cases looking to reduce their legal fees by offering the underlying customers the chance to step forward under their own steam. If they fail to do so it seems inevitable that legal action will be taken, fines will be instigated and those caught up in this situation would be far worse off if successful prosecutions are obtained.
The amnesty itself will run until March 2010 and many tax experts are urging their clients to step forward if they have overseas bank accounts which they have failed to declare with many believing this is literally the last chance saloon.
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