This runs until November and you can pay up with a 10% surcharge and immunity from any legal action. Applies to assets acquired before Dec 2010. My source Blevins Franks e-mail. My belief is that this can be helpful where purchases were done where the actual purchase is unclear and might be ruled in a disadvantageous way inhibiting the purchaser from persuing things because of possible automatic fines -but this may open the way to getting a settlement with other parties involved.Apparently applies to most taxes except Municipal tax . I also read the 5 year time limit for tax enforcement is being abolished .
Re- the BF news- ‘the taxpayer must have owned the assets ‘since before 31.12.2010’ meaning before 31.12.2010 or from 30 .12.2010 not clear seemingly ? Also refers to assets but not entirely clear if it applies solely to income derived from those assets or includes the taxes paid in the acquisition of those assets -reflection upon further reading of this
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