Treasury identifies £5.5m in undeclared income

Thu, 22 Sep 2016

Over £5.5m of undeclared income has been identified by the Island's Income Tax Division since April.

The Treasury revealed that an additional £1.1m in tax, interest and penalties has been claimed on the total, while a further £3.7m in undeclared income is being investigated.

Taxpayers who voluntarily disclose irregularities currently avoid penalties, but that will be changing from October 6th, when charges will be applied.

Full details of the penalties system can be found on the Income Tax Division's website.