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HMRC have announced some details of the
New Disclosure Opportunity (NDO) which is
due to take place this autumn. In order to
encourage taxpayers to disclose an
undeclared offshore account the penalty
level has been set at 10%. HMRC hope that
the low penalty will encourage taxpayers
to come forward. HMRC are currently
liaising with various banks to obtain
details for offshore account holders.
“The key messages provided by HMRC are as
follows:
- The New Disclosure Opportunity (NDO)
is for people with unpaid tax connected
to an offshore account and will run from
the autumn 2009 until March 2010. It
will give the offshore account holders
one final opportunity to disclose, and
put their affairs in order.
- Penalty of 10% for full disclosure
if no previous opportunity. Higher for
full disclosure if you had the chance
under previous opportunity.
- HMRC is seeking to obtain details of
offshore accounts and assets from
hundreds of financial institutions. This
ensures HMRC will be able to pursue
those who choose not to disclose tax
owed as quickly as possible.
- During the disclosure period, all
account holders will know that HMRC has,
or will soon have, their details. We
have already successfully applied to get
details from a number of banks.”
We will keep you informed of
developments in this area, meanwhile if
you have any concerns please do get in
touch.
Internet link:
CIOT article |
