'No more chances' to follow overseas tax disclosure opportunity

Date: 30th July 2009

The latest opportunity for small business owners and other UK residents to declare any overseas assets they have yet to be taxed on is likely to be the last provided by HM Revenue & Customs (HMRC).

Latest comments released by the taxation authority today indicate that there "won't be another chance" for non-payers - and that around £500 million is expected to be raised by the scheme.

In 2007, HMRC gave UK taxpayers a similar opportunity to reveal overseas holdings hidden to save tax, raising around £450 million.

Under the terms of the new scheme, people who declare before the March 12th 2010 deadline are fined for ten per cent of the tax they have not paid.

Those who disclose after this deadline are subject to a 30 per cent fine and an increased likelihood of criminal prosecution.

HMRC spokesman Andrew Bennett said: "Essentially we are expecting that this particular opportunity is going to raise £500 million in revenue.

"This is the last one. That's what we are trying to make clear at the moment, it is the final one we are putting in place. If you have got an untaxed account or assets abroad do come forward, because there won't be another chance."