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Where Taxpayers and Advisers Meet

Offshore account

Jay1
Posts:2
Joined:Thu Jan 24, 2019 1:30 pm
Offshore account

Postby Jay1 » Thu Jan 24, 2019 1:40 pm

Hi,
I have inherited my father's offshore account on my 60th birthday. My father died in 1995. I submitted a disclosure request to HMRC and need to submit the completed account by middle of February. I am not sure as to how to proceed. Can anyone please help.

thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Offshore account

Postby pawncob » Fri Jan 25, 2019 12:57 pm

Much more information and dates required.
With a pinch of salt take what I say, but don't exceed your RDA

Jay1
Posts:2
Joined:Thu Jan 24, 2019 1:30 pm

Re: Offshore account

Postby Jay1 » Fri Jan 25, 2019 1:08 pm

Hi pawncob,
thank you for your post.
I turned 60 in July 2019. My father opened the account in early 1980's. the interest was reinvested and no interest has been brought back. I am unemployed and have have not had a regular job for around 2 years now. please let me know if you need any further information.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Offshore account

Postby pawncob » Fri Jan 25, 2019 7:51 pm

Why did you inherit 24 years after his death? were the funds in trust?
Was your father UK resident? Did he declare the interest?
Where exactly is "offshore"?
What do you mean by "disclosure request"? What have you told HMRC? What have they said to you?
With a pinch of salt take what I say, but don't exceed your RDA

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Offshore account

Postby AGoodman » Tue Jan 29, 2019 2:13 pm

All good questions from Pawncob but if you have registered under the WDF (worldwide disclosure facility) it is vital that you provide your submission on time. If you miss the deadline, the potential penalties are unpleasant to say the least.

I would strongly recommend that you instruct an accountant now. Presumably (hopefully) you can use the funds to cover fees.

There could be a lot of issues (such as reconsidering your father's estate IHT) and it will be near impossible to give you more than a steer in the right direction in this forum.

HMRC tend to be fairly understanding if you knew nothing of the monies until recently but it is important to give them a clear picture and ideally all the tax calculations to enable them to make a quick decision. If done correctly, it can be addressed relatively quickly and painlessly; if not, it could drag on for a very long time.


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