New Disclosure Opportunity (NDO) - Online From 1 October 2009
October 6th 2009
HMRC’s offshore disclosure scheme went online from 1 October. HMRC say this makes “it easier than ever to settle unpaid offshore tax on beneficial terms”.
Dave Hartnett, HMRC’s Permanent Secretary for Tax, was quoted as saying:
“We want to make it as easy as possible to come forward, make a full disclosure and benefit from the limited penalty. The NDO is already a straightforward process and our new web site is easy to use. But the NDO is a time limited opportunity and will be the last one for offshore account holders so I strongly urge anyone who is concerned about tax liabilities arising from offshore investments to log on.
We want to help people get their offshore tax affairs in order as quickly and economically as possible and the simplest way to get the ball rolling is by notifying us of the intention to make a disclosure by logging onto our NDO site by 30 November at the latest.
This is the first step in a simple process that will enable those with undisclosed offshore assets to avoid the necessity of a full tax investigation together with much higher penalties.”
More details and information booklets are available at:
Please call Iain Macleod on 07920 146800 for a free confidential discussion or email imacleod@edftax.co.uk.
