Enquiries To Start Into Offshore Accounts
January 8th 2010
HMRC issued a Press Release on 7 January 2010 stating that investigations will soon begin into those who could have used the New Disclosure Opportunity (NDO) but failed to register by the deadline of 4 January 2010.
Dave Hartnett, HMRC’s Permanent Secretary for Tax, said:
“Now the NDO is closed, HMRC is beginning the job of using the data we have obtained from banks to identify people who have not made disclosures despite having hidden their money offshore. We are starting our investigations and penalties can be up to 100 per cent of the tax not paid. But it’s very important to remember that, when someone comes forward voluntarily, the penalty is always lower than when we catch the evader. This means it’s still well worth contacting HMRC if you have undisclosed offshore accounts.
We are also examining information about offshore accounts in order to help us identify intermediaries who have assisted UK residents in hiding money offshore.”
For professional, confidential and specialist advice call Iain Macleod at EDF Tax LLP on 07920 146800, or email imacleod@edftax.co.uk or complete our enquiry form.
