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Tax Investigations Update

 
Steve Camm Partner PricewaterhouseCoopers LLP looks at the current changes affecting tax enquiry work
Offshore Disclosure Facility
 
On 17 April HMRC announced that it has introduced a one-off offshore disclosure facility to enable people who have undisclosed offshore bank accounts to make them known voluntarily in return for reduced penalties.
 
This opportunity for reduced penalties is very unlikely to be repeated and is a chance for taxpayers to avoid much higher penalties than the fixed 10% penalty being sought by the facility. For example a taxpayer with a £50 000 tax bill will pay a £5 000 penalty under this facility — a saving of £10 000 or more on the penalty normally charged.
 
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