| HMRC is giving taxpayers
with offshore investments more time to
come forward under the New Disclosure
Opportunity (NDO). The registration
deadline, which was due to expire on 30
November 2009 has been moved to 4 January
2010 as some banks need more time to
contact their offshore customers. HMRC
are reminding individuals that the NDO is
the last opportunity for taxpayers to
obtain ‘favourable terms’ when advising
HMRC of offshore investments that they
have never reported previously. HMRC are
currently in the process of obtaining
information from 308 UK banks regarding
their offshore customers in an effort to
ensure that everyone pays the right tax.
Dave Hartnett, HMRC’s Permanent
Secretary for Tax said:
“We know that some bank customers will
not be contacted by their banks in good
time for the original deadline of 30
November so in the interests of fairness
we have decided to extend our deadline by
a month to 4 January.
“I strongly urge anyone who has been
hiding taxable assets offshore to go on
line and register. The NDO is voluntary
but from the start of the New Year we will
begin to investigate those who were
eligible to use the NDO but instead buried
their heads in the sand. Don’t let that
happen to you.”
“This is a great way to start the New
Year – with the knowledge that your tax
affairs are in order and the certainty
that the penalty will be capped at 10%.”
If you have any questions or concerns
in this area please do get in touch.
Internet link:
HMRC press release |
