Offshore Accounts (the Tax Man)

[TommyGun]

Mr Brown has given people to 12pm midnight to decalre offshore accounts.

The are inspecting UK bank accounts to trace offshore.

B***ards

[TommyGun]

Off-shore accounts deadline looms

People with off-shore accounts such as those in the Isle of Man have until 22 June to divulge details of their finances to HM Revenue and Customs.

A total of 200,000 letters have been sent warning of prosecution and fines if they fail to disclose.

Those with undeclared income will pay a fixed penalty of 10% of the tax/duties they have underpaid if they declare.

HMRC say full disclosure and any penalty payments must be made by 26 November.

There is no penalty on disclosures of untaxed amounts totalling less than £2,500.

HMRC say a final decision on whether or not disclosure has been accepted will be given by 30 April 2008 at the latest.