New Disclosure Opportunity (NDO): HMRC release podcast
August 26th 2009
HMRC have started publicising the New Disclosure Opportunity with a podcast from Dave Hartnett their Permanent Secretary for Tax. This can be accessed at
http://www.hmrc.gov.uk/news/index.htm
Mr Hartnett details in the podcast that those who have used offshore accounts to evade paying UK tax and who do not take advantage of the disclosure opportunity will face much higher penalties and an increased risk of prosecution. He said HMRC’s very clear plan was not to offer a similar disclosure opportunity in the future. The opportunity was being only being offered now because HMRC had received information from the majority of UK banks about their customers offshore accounts.
Mr Hartnett also said that those who had done nothing wrong had no need to contact HMRC.
For those who had to make the disclosure the “best place to go for help was a reputable, experienced tax adviser.”
Please call Iain Macleod on 07920 146800 for a free confidential discussion or email imacleod@edftax.co.uk.
