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HMRC have provided more details of the New
Disclosure Opportunity (NDO) which is due
to take place from 1 September 2009 to 12
March 2010. The NDO is for people with
unpaid tax connected to offshore accounts
and assets and will give the taxpayers one
final opportunity to disclose. To
encourage taxpayers to disclose undeclared
offshore income and gains, the penalty
level has been set at 10%. HMRC hope that
the low penalty will encourage taxpayers
to come forward.
Although the NDO period runs until 12
March 2010 initial contact must be made to
HMRC by 30 November 2009.
Dave Hartnett, HMRC Permanent Secretary
for Tax, said:
“I know there are people who regret not
taking advantage of our Offshore
Disclosure Facility (ODF) in 2007 which
focused primarily on the customers of five
large banks. Now everybody who has not
paid the tax they should in relation to
offshore accounts or assets has this New
Disclosure Opportunity to pay what they
owe with penalties on more favourable
terms than normal.”
“The procedure is simple and
straightforward. Customers will be able to
contact us on paper or through a dedicated
area of our website. This will be the last
opportunity of its kind.”
Please do get in touch, without delay,
if you have any concerns in this area.
Internet links:
HMRC news release
Basic information and
dates |
