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Offshore bank accounts will face a clampdown on undisclosed tax liabilities, HM Revenue and Customs (HRMC) has said.
July 9th is the proposed date, which is only 16 days after the HRMCs notification deadline under the offshore amnesty facility, reports investment international.
Steve Besford, tax adviser and head of tax investigations at Chiltern, stated that people whose offshore bank account had unspecified tax liabilities after the deadline would face investigation.
He said: "July 9th is the first date on which HMRC can be assured that all notifications have been processed and the appropriate no enquiry signal posted to the taxpayers computer record.
"If additional tax is found to be due as a result of these enquiries, HMRC will seek considerably higher penalties than the ten per cent on offer under the amnesty and may even launch criminal investigations."
HRMC said that people who register their intention to make a disclosure before the June deadline will not face investigation into their affairs prior to the disclosure date of November 26th.
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