Late filing penalties for worldwide income declarations

Sections 155 and 157

Sections 155 and 157 have been amended to repeal the late filing penalty for borrowers who do not provide a declaration of their worldwide income. Borrowers required to file a declaration of their worldwide income have been given an exemption from being treated as overseas-based. These borrowers may have their exemption revoked if they do not meet their filing requirements. This acts as a deterrent for not filing as borrowers would lose their interest-free status.

The amendments apply retrospectively from 1 April 2012, for the 2012-13 and later tax years.