No hiding place for offshore tax evaders
30th March 2007

Chartered Accountants Naylor Wintersgill are urging UK residents with offshore bank accounts to ‘come clean’ with Her Majesty’s Revenue and Customs (HMRC) regarding undeclared foreign income, or risk facing large penalties.

The move follows a series of high profile legal victories for HMRC against offshore tax evasion, which have forced four high street banks to disclose the account details of over 100,000 UK based customers. HMRC is aiming to clamp down on the small number of tax evaders who keep money in offshore accounts but conceal the interest earned and expects to recover around £281 million in unpaid tax, interest and penalties.

Vaughan Houldsworth, Tax Partner at Naylor Wintersgill, comments,

‘We would advise UK residents with undeclared foreign income to seek advice prior to making a disclosure.’

Further information is available from Naylor Wintersgill on 01274 733184