Section 54 of the Finance Act 2016 brings in a deadline for the disclosure of foreign income and assets.

Offshore assets, foreign income, 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to tax defaulters who make a qualifying disclosure of disclosure of foreign income and assets to the Revenue will be withdrawn in two situations: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.