BRITONS packed out Rojales’ Capitol theatre this morning (Tuesday) to hear if they might be affected by ‘substantially higher penalties’ for undeclared foreign income and assets under new UK government tax legislation.
Representatives of HMRC outlined the intentions and scope of the revised policy, and warned the audience that they only have until September 30 to disclose undeclared foreign income and gains in order to still pay the much lower current penalty rate of around 30%.
“If you make a disclosure after September 30, the minimum penalty will be 100% of the tax due,” warned Richard Vause of HMRC.
For more details about who might be affected and what may be liable under the new legislation, see Costa Blanca News on Friday.
