Offshore tax deadline looms

The company’s tax investigations specialist Sue Holmes said the Government’s amnesty initiative, called the offshore tax disclosure facility, could potentially save investors thousands of pounds, but only if IFAs registered their clients before the deadline next Friday. “The initiative has been launched by the taxman to help people come forward, wipe the slate clean and pay any arrears, but if they miss the June 22 deadline individuals are likely to face a hefty penalty of up to 100pc of any outstanding tax,” she said. Smith & Williamson was concerned by the low take-up of the tax dis...