HMRC renews its pusuit of Offshore tax evaders descibing their new Amensty

The Times runs an article headlined "Taxman begins new assault on savers with overseas income".   This is the second time that the HMRC ( previously known as Inland Revenue) has offered UK taxpayers an amenity if they declare theit income from Offshore accounts.

They previously went after those with the top UK banks but are now targeting UK taxpayers who have accounts with foreign banks.  Overseas property rental income being an example of funds deposited in an offshore foreign bank account.  The penalties for not declaring this income and the interest received on any such account are severe.   HMRC are even threatening to name and shame in extreme cases.

For many the declaration of the interest may only ne the beginning as anyone found with a substantial sum on which they have been earning interest is going to have to explain to HMRC the source of this capital.  If this is an declared income then not only will they have to pay the tax but also interest and the penalty.

You can read the full story in the Times by following the link below.