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05 July 2009

Offshore savings accounts and tax liability.

I have read in the press recently that an amnesty for declaring offshore bank accounts expired recently. I returned to the UK 18 months ago and kept open two offshore accounts in the Isle of Man and Jersey. I have not kept up to date with the IR rules since my return because one of my offshore accounts pays no interest and the other has tax deducted at source under European rules. Should I still have declared these accounts and will I be penalised for not doing so before the amnesty finished?

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