Offshore Disclosure Arrangements

dealsearcher

I have received a letter from HM Revenue and Customs about the offshore disclosure arrangements. I used to work overseas and had an offshore bank account. When I returned to the UK I transferred my account balance to my UK bank. However I forgot about the interest due on the account at the time and therefore the account balance showed around £0.60p for some years and just £0.02p interest in that time.

I called the HMCR helpdesk but they would not give any advice except that I should 'notify an intention to disclose'. This I have done but surely I should not owe anything on £0.02p interest? And why insist on disclosure for such tiny amounts which I had forgotten about?

It does seem absurd to me that they are chasing people with dormant accounts with negligible amounts.

Llyllyll

You don’t think there’s any thought gone into this do you :rolleyes:?

The banks have made a report of all their offshore account customers to HMRC and the letters that HMRC have then sent out to [STRIKE]taxpayer’s [/STRIKE]customers are all automated - simple as that.

Absurdity is their middle name.

System

They are sending the letters to everyone who they have been told has an offshore account but realistically speaking they aren't looking to penalise/prosecute smallfry.


This link gives details on their intentions and what you are expected to do.

https://disclosures.hmrc.gov.uk/oaics/InteractionMgr?interactionmgr.interaction=MN_01&action=goto&destination=IN_01

dealsearcher I don't think you have much to worry about. Your income sounds as if it can be classed as trivial and as such can be dealt with swiftly.

dealsearcher

Thanks I am sure you are right. It is the crass way that it is dealt with that gets me. I phoned their 'helpdesk' to be told by a suspicious sounding person that she could not give me any advice and that I would have to read the supplied booklet which she could send to me or I could download.

Surely someone with a dormant and frankly forgotten account could be dealt with more helpfully and efficiently than by being threatened with dark happenings. After all they are spending our (tax payers) money to investigate us.

peter999

dealsearcher wrote: »

Surely someone with a dormant and frankly forgotten account could be dealt with more helpfully and efficiently than by being threatened with dark happenings. After all they are spending our (tax payers) money to investigate us.

They're chasing easy money.
There is an assumption that people with offshore accounts may have money to hide.

Lots of publicity to create a climate of fear of what is to come to smoke people out of the woodwork.

It's all a game.

peter999

peter999

HMRC -Letter sent out
http://www.hmrc.gov.uk/offshorefunds/account-holders.pdf

Amnesty experiences so far. By Will Heard
http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=168545&d=1025&h=1019&f=1026

Tax amnesty for overseas homeowners
http://business.timesonline.co.uk/tol/business/money/tax/article1654070.ece

peter999