Posted: 06 August 2007
Issue: Online only
Categories: Update, News, Overseas
Keywords: offshore disclosure facility, ODF

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HMRC are planning to investigate up to 3,500 cases a month arising from non-disclosure

Following the close of the offshore disclosure facility (aka the 'tax amnesty') on 22 June, Taxation understands that HMRC are planning to investigate up to 3,500 cases a month from now on arising from non-disclosure of offshore accounts where the individuals concerned have not taken advantage of the amnesty to come forward.

The penalties sought will be much higher than 10%; in some cases 100% will be demanded, and criminal prosecution is also a possibility.

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