Confession time for offshore disclosure extended

29/11/2009, by Low Incomes Tax Reform Group, Tax News - Income Tax

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HMRC are giving taxpayers with offshore income and assets more time to come forward under the New Disclosure Opportunity. LITRG hopes HMRC will use the time to update their website.

Background

LITRG warned in its article of 25 November, Tax Disclosure Warning on Overseas Income, that the deadline for disclosing offshore misdemeanours was fast approaching. HMRC has now announced a New Year Offshore Extension, postponing the deadline until 4 January 2010.

Information on HMRC website

Having examined the material held on the HMRC website relating to income tax for visitors to the UK, LITRG concluded that it was incoherent and had not been updated for major changes in the law which occurred in the Finance Act 2009. Some parts were actually misleading so that visitors to the UK could find themselves acting on advice which has now been superseded.

Conclusion

Perhaps the extra time before the disclosure deadline will give HMRC time to get their website up to date on offshore guidance.

Further reading: YouTube Warning to Offshore Tax Dodgers

About The Author

The Low Incomes Tax Reform Group (LITRG) is an initiative of the Chartered Institute of Taxation to give a voice to those who cannot afford to pay for tax advice. LITRG comprises tax specialists from professional practice and the voluntary sector, from publishing and from HM Revenue & Customs, together with people from a welfare benefits and social policy background. Visit www.litrg.org.uk for further information.

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