Harry Redknapp

09 Feb
2012

68
Views

The recent five year ordeal of Harry Redknapp’s prosecution by HM Revenue & Customs (HMRC) is an important reminder to all tax papers that income earned in offshore tax havens is taxable in the UK and should be included on their tax returns. As with Harry Redknapp, HMRC will also be very interested in the source of such investments, in case this originates from undeclared income.

In 2011 HMRC set up a specialist unit to track down and prosecute offshore tax evasion cases and have in the last few years made agreements with overseas banks and tax authorities who now provide information direct to them about offshore investments and income of UK citizens.

Now, even more than in the past, it makes sense to come clean with HMRC about previously undeclared offshore income before they track you down, as the penalty charges can be reduced and potential prosecution can be avoided. If HMRC come knocking on your door first, penalties will be higher and prosecution is more likely.

Category: Company News

Rate:

What are these?