More about HMRC campaigns
Undeclared income guide
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HMRC campaign started in 2007 with an offshore disclosure facility to assist people with off-shore savings to declare income on which tax should have been paid. According to HMRC, campaigns launched so far have produced yield of nearly £510 million from voluntary disclosures, and over £120 million from non compliance follow up from a large numbers of civil interventions, including over 18,000 completed investigations. There are also 23 criminal cases under-way with one conviction already secured.
HMRC powers enable it to raise new tax bills for up to 20 years where there have been negligence or fraud. So it is important to take professional advice if you have undisclosed income covering a significant number of years.
