HMRC has provided new details about the results of the New Disclosure Opportunity (NDO) and the Tax Health Plan (THP). These were tax amnesties allowing taxpayers to voluntarily tell HMRC about undeclared tax liabilities, and settle on favourable terms with a reduced penalty. The NDO applied to undeclared overseas income or gains, and the THP to doctors and dentists. Both amnesties have now closed.
- The NDO yielded £82m from 5,500 disclosures – an average of £14,500;
- The THP has yielded £9m from 1,500 disclosures – an average of £6,500. One case alone raised £1.2m for HMRC.
HMRC says it holds information, in relation to doctors and dentists and offshore accounts, that has not even now been disclosed. It also said THP disclosures identified others who should have come forward but did not: e.g. partners in the same medical practice. Cases are being passed to local compliance and to the CIF (Civil Investigation of Fraud) teams and to Specialist Investigations.
HMRC is already working on cases for Prosecutions. Any medical practitioners who have something to disclose to HMRC, or taxpayers with undeclared income related to offshore bank accounts should act now.
Offshore information from banks is being processed.
Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesty.
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