HMRC 'amnesty' is only for simple cases

Speaking at a conference hosted by the Society of Trust and Estate Practitioners (STEP) on the future of trusts, Aileen Barry says she feels the new disclosure regime “could involve a gamble I would not take”. She says while the ‘Offshore Disclosure Regime’ – which would allow offenders to pay just 10% of their unpaid taxes as a penalty instead of between 30-100% - is fine for straightforward cases, it is less useful for more complex cases which involve trusts and companies. Barry says if clients need to make a disclosure about unpaid revenues from an offshore account, they should do so...