Buried in one of the consultative documents that accompanied the Pre-Budget Report are proposals to charge penalties of up to 200% in respect of offshore bank accounts. This is a clear message from the Government that those with undisclosed tax liabilities should consider taking advantage of either the New Disclosure Opportunity or the Liechtenstein Disclosure Facility.

Consideration to a disclosure must be given to this now as one of the deadlines for telling HMRC that you intend making a disclosure is 4 January 2010. Further details can be found here.

Barry Hallam is a senior manager at Mercer & Hole. If you would like to discuss the contents of this post with Barry you can call him on 020 7353 1597.

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