Tax Problems

The Last Chance Tax Saloon

HMRC has offered taxpayers one last chance to declare overseas assets – take advantage while you still can. The world is becoming a smaller place. Swiss banks ‘voluntarily’ disclosing information; bank data ‘going missing’ – tax authorities whether in the UK or elsewhere are having a field day!

The major nations have declared war on tax havens. You must face up to dealing with undeclared assets overseas for peace of mind, and ensure you do not leave your heirs with a mess.

December 2009 saw the door close on the widely publicised voluntary disclosure amnesty made available by HMRC, but all is not lost and there are even opportunities to discuss cases anonymously – and potentially deal with them on favourable terms – with HMRC. We, at Hylton-Potts, can handle these anonymous discussions for you.

While the days of keeping funds abroad out of the clutches of the UK taxman are long gone, not everyone has recognized that ‘the party is over’. It appears that a significant number of UK taxpayers did not take advantage of the HMRC amnesty and are now either too apprehensive to address the issue, or simply believe they are minnows and will slip through the net – but this is not true. HMRC is currently analysing data of over 500,000 account holders provided by some 3,500 institutions from whom they demanded, and received, information.

However, there is still time for those who wish to become UK tax compliant and seek protection against future prosecution for them and their successors. This includes those who have money in Liechtenstein.

We at Hylton-Potts can help you may navigate your way around the traps and utilise the opportunities as they arise.

The fees involved are not significant but the savings in potential penalties are considerable. Moreover, there is no need to repatriate funds, which can be used freely in the UK by current and successive generations subject to present tax obligations.

You can also legitimately use overseas trust structures to protect the funds in the future.

If you want expert confidential advice consult the experts. For more information or a free legal opinion telephone 020-7381-8111 (24 hour service) or email [email protected].