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HMRC cracks down on off-shore accounts

Investments held in undisclosed off-shore accounts are the subject of the latest crackdown by HM Revenue & Customs.

Account holders are being given until June 22 to notify HMRC of an intention to disclose untaxed amounts in order to take advantage of HMRC’s promise to limit penalties to 10% of the tax not paid.

After that period, the penalties on offshore earnings detected by the HMRC’s investigation team will be between 30% and 100%, and could involve criminal proceedings.

Liz Gallagher, tax director at motor trade accountant Trevor Jones, believes up to 10% of dealers may be concerned by the crackdown, and should seek advice.

She adds: “Dealers need to think about this before they make their disclosure so that it is done in a way that can retain as much control as possible rather than hand over all control to HMRC.”

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