ARTICLE · 18 APRIL 2011

Weekly Tax Update 11 April 2011

Smith & Williamson

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Budget 2011 Consultations Calendar

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Richard Mannion

1. General news

1.1. Budget 2011 Consultations Calendar

A calendar showing the dates when the consultations arising from the 2011 Budget is available. www.hm-treasury.gov.uk/d/tax_consultation_tracker_310311.pdf

2. Private Clients

2.1. HMRC Brief 14/11 - Penalty for failure to disclose offshore income or gains

HMRC Brief 14/11 explains how legislation in Schedule 10 to 2010 Finance Act allows for a higher penalty rate where income or gains that arise outside the UK are underdeclared. People who do not declare income or gains arising offshore could face penalties that are up to 200 per cent of the tax owed.

The new penalties for offshore non-compliance came into force on 6 April and will apply for the 2011-12 tax year onwards to income tax and capital gains tax.

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