Tax Amnesty: Offshore Disclosure Scheme, Incentivised Disclosure Process  

If you have an offshore bank account and have not declared this income to HMRC the opportunity to disclose the tax evasion should arrive soon

There has been much speculation recently about the reported tax amnesty. It appears that HMRC do not wish to call this a tax amnesty and will instead opt for either the title offshore disclosure scheme or incentivised disclosure process. As speculated in earlier articles it will be based on a return like format and there will be a short 6 week period for people to register their interest in the tax amnesty. They will then have 4 months to make a full disclosure of any tax fraud under the tax amnesty.

An overview of the writer’s previous thoughts on this matter can be read by following the links:

• http://www.gilberttax.co.uk/tax-amnesty-the-consequences.html
• http://www.gilberttax.co.uk/tax-amnesty-will-it-happen.html

It would appear that the tax amnesty (offshore disclosure scheme) will be announced in the week commencing 16 April.

Although there has not been any formal comment from HMRC on a tax amnesty there has been a disclosure line set up on 0845 3021401. Although not operational as yet there is a recorded message and a menu option to either make a disclosure of tax fraud using the tax amnesty or to ask for a leaflet with further information. The setting up of this line points to the tax amnesty being imminent.

It is also believed that HMRC have set up a web site for this with the url http://www.disclosureshmrc.gov.uk. This cannot be verified as at the moment there does not appear to be a link set up.

In summary it appears that the tax amnesty will happen imminently. How successful this will be remains to be seen.

If you would like to discuss any possible disclosure to HMRC or any matter to do with the potential tax amnesty or how to deal with any tax evasion difficulties please phone 0800 734 3333 or e-mail scott.gilbert@gilberttax.co.uk now

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