29
Jun
HMRC new disclosure opportunity
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 points of the NDO, as set out on the Chartered Institute
of Taxation website, are as follows:
“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
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