Guernsey Income Tax amnesty raises more than £2m
- 28 March 2012
- From the section Guernsey
More than £2m has been added to Guernsey's treasury by an amnesty run by the island's Income Tax Office.
The Income Tax Irregularities Scheme ran from 1 January to 31 March 2011 and allowed taxpayers to sort their affairs without facing a fine or prosecution.
There were 153 registrations under the scheme, 18 of which are still being settled, totalling £8.7m that had not been previously disclosed.
The tax and late payment surcharges on this amount totalled £2.4m.
Rob Gray, director of Income Tax, said: "In the context of the size of Guernsey's annual tax collections, to me that makes ITIS a resounding success."
Mr Gray said anyone who was found to have an incomplete or incorrect tax return for any year prior to the calendar year 2011 should expect to face a minimum penalty equal to the amount of tax avoided.