Undeclared Offshore Assets
Undeclared assets, bank accounts, rental properties held abroad
As and from 1 May 2017, it will no longer be possible to obtain reduced penalties on any undeclared tax relating by doing a voluntary disclosure to Revenue where is relates to a:
• an account / asset held in a foreign country or territory; – for example off-shore deposit account
• income or gains arising from a source in a foreign country; for example foreign dividends
• property situated in a foreign country or territory other than the State; for example rental property
Penalties will go up from 10% normally to 100% on any disclosures made after 1st May 2017.
Any queries please do not hesitate to contact us on 091 763817 or email me at oliver@taxreturnhelp.ie