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VDP in respect of Interest on foreign funds

Posted 4 May 2016 under Tax Questions

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Robbie says:
4 May 2016 at 13:24

Hi. I worked in the UK for the period from about 1982 until about 1986. During that time I purchased a house there in 1982. After coming back to SA in 1986, I kept the house until selling it in 1987. The proceeds from that sale remained behind in the UK in an interest earning account. I have not declared any of the interest earned on the account since then until now. Wanted to know what are the SA tax implications of this interest that was not declared and also whether I can apply for VDP in respect of this interest, if required.

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TaxTimTaxTim says:
4 May 2016 at 20:03

You would need to speak to a tax professional who deals specifically with VDP to consider this application as there can be serious tax consequences if not handled correctly.


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