HM Revenue and Customs (HMRC) is about to send a last warning letter to holders of offshore accounts who are suspected of not declaring their tax liabilities.
The letters, which are due to go out on 17 March, will be aimed at those account holders who did not respond to HMRC’s initial campaign last year.
Then account holders were asked to declare their offshore funds by 26 November. Those that did so faced a reduced, 10 per cent penalty.
HMRC said that some 45,000 people revealed details of their offshore accounts, raising £400 million in tax payments.
However, HMRC believes that many more account holders have yet to declare their funds, and the new letter will offer them a last opportunity to inform the tax authorities before an official enquiry into their liabilities is set in motion.
Unlike last year’s letter, those contacted now will not be granted a reduced penalty but will be charged a minimum of 30 per cent of the tax owing.
The letter warns people who do not respond within the time limit that HMRC will “will take further action that may involve formal proceedings to recover the duties, interest and penalties”.
Date:17 March 2008
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