HMRC announces partial tax amnesty for higher rate taxpayers

Higher rate taxpayers who have failed to complete a Self Assessment tax return for the year 2009/10 or earlier are being given a time-limited opportunity to come forward.The Tax Return Initiative is specifically targeting earners in the 40 per cent tax bracket but it’s also open to any taxpayers who should have filed a return for the tax years pre-2010.Anyone wishing to take part has until 2 October this year to inform HMRC and complete the required tax return(s), as well as pay any associated tax and National Insurance. In return for coming forward before the deadline, taxpayers will pay a lower penalty than they would otherwise.HMRC says that after the amnesty deadline it will “use its powers to pursue outstanding returns and any unpaid tax and NIC”. It warns that individuals may be forced to pay a penalty of up to 100 per cent of the tax they owe and they could even face a criminal investigation.Marian Wilson, head of HMRC Campaigns, said, “This campaign is part of a wider HMRC initiative to provide support and guidance to the public on tax obligations and is aimed at people who fail to submit their tax returns on time and pay what they owe." She added, "The campaign provides a three-month opportunity for those who want to get their tax affairs up to date to come forward. Our aim is to make it easy for them to contact us and send in completed tax returns, putting their affairs in order.”

http://www.50percenttax.co.uk/index/2012/7/19/hmrc-announces-partial-tax-amnesty-for-higher-rate-taxpayers.html