Revenue extends offshore tax amnesty deadline

Posted on / Tax - Revenue extends offshore tax amnesty deadline .

The FT notes:

HM Revenue & Customs (HMRC) is extending the deadline for its tax amnesty for offshore savers in a last-minute push by the tax authority to draw attention to its ”last chance” amnesty for evaders.

In a statement put out on Friday the Revenue said that individuals now have until 4 January 2010 to tell it about any undeclared offshore accounts before its new disclosure opportunity (NDO) ends.

The Revenue is expected to make good use of the next five weeks by writing to more individuals holding offshore accounts. To date it has only written directly to around 35,000 offshore account holders.

“Most of the banks that HMRC has approached for account holder details have yet to supply them - there could be another 150,000 individuals for HMRC to contact,” said John Cassidy, tax investigations and dispute resolution partner at PKF Accountants and business advisers.

Interesting, because this says just one thing - and that is that the banks are not playing ball.

How that will help their customers is hard to tell.

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