POTENTIAL NEW TAX AMNESTIES

Tax amnesties could be in the pipeline if you have assets held in the offshore tax havens of Dominica, Grenada and Belize. This follows the chancellor's announcement in the Budget that information sharing agreements had been reached with these areas. 

The last such amnesty was the Liechtenstein Disclosure Facility. For this, provided that the taxpayer made a full declaration to HMRC, the penalty on unpaid tax was capped at 10%. This same measure could also be applied in some or all of the tax havens mentioned above.

If you have assets in these countries, it is therefore advisable to start preparations now  for the possibility of making a disclosure. Any amnesty will be for a limited time and is likely to be on far more beneficial terms than if such assets were later discovered by HMRC.