Tax Amnesty Results in £10 Million Of Income Being Declared

An on Island Tax Amnesty between July and September has led to almost £10 million of previously undisclosed income being declared.

The scheme operated between 1 July 2010 and 30 September 2010, and it resulted in 105 voluntary disclosures being made.

The amnesty was announced in the Budget Speech earlier in the year, it gave taxpayers the chance to make voluntary disclosures without the threat of a penalty.

On top of the declared income an additional £1.88 million of income tax has been collected following these disclosures.

Despite now being closed, you’re still able to correct errors or omissions on your returns without incurring penalty charges.