• From The BBC:

    Savers with offshore accounts who have failed to pay tax owing to an “innocent error” will not face a fine.HM Revenue and Customs (HMRC) is giving people a second – and last – chance to pay tax on money hidden in offshore bank accounts. Now it has has confirmed that those misled by financial professionals or who could point to bereavement or serious illness could avoid fines. But those simply ignorant of tax laws would still face a penalty. Meanwhile Switzerland has become the latest country to agree to exchange tax information with the UK government. The Swiss government decided in March that it would abide by standards laid down by the Organisation for Economic Co-operation and Development (OECD). A spokesman for the HMRC said the signing in London of a protocol between the two countries meant they could exchange tax information about individuals, where a justified request had been made. “I very much welcome the Swiss Federal Council’s agreement on international co-operation in tax m…

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    Posted by Jon @ 4:59 pm

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