200% penalty for offshore tax evasion
Thursday, April 22, 2010 | Posted by: Dave Jennings
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
HMRC,
offshore,
Dave Jennings,
investigation,
penalties,
Liechtenstein Disclosure Facility,
Liechtenstein,
OECD,
amnesty,
LDF,
tax haven,
200%
Tax, or National Insurance, was bound to be in the headlines during the Budget and Election but very little beats the threat of a 200% penalty for attention. Combined with a 50% rate of tax the maximum tax and penalty would more than wipe out the offshore income. Is the devil in the detail? And what are your options if you have undeclared offshore funds?
