Section 54 of the Finance Act 2016 brings in a deadline for the disclosure of foreign income and assets.
From 1st May 2017 the penalty mitigation arrangements currently available to tax defaulters who make a qualifying disclosure of disclosure of foreign income and assets to the Revenue will be withdrawn in two situations:
- Where the disclosure relates directly or indirectly to foreign income and assets
- In any other case, the person, before the date of disclosure is made, has offshore income and assets with a liability to tax that are known or becomes known at any time to the Revenue and the person is liable to a penalty.
The Revenue advises that all tax payers should review their position with regard to offshore income and assets and make a voluntary disclosure if required by 30th April 2017.
If you need assistance with this review or wish to discuss making a voluntary disclosure, please contact us on the form below.