HM Revenue & Customs (HMRC) have today announced that they are giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO) Tax Amnesty.
The registration deadline has been moved from 30 November to 4 January 2010 as some banks need more time to contact their offshore customers
The NDO Tax Amnesty is an incentivised disclosure opportunity for taxpayers to obtain favourable terms when they tell HMRC about offshore investments which they have not previously disclosed. HMRC is currently trying to obtain information from 308 banks in the UK about their offshore customers.
Dave Hartnett, HMRC’s Permanent Secretary for Tax said: “We know that some bank customers will not be contacted by their banks in good time for the original deadline of 30 November so in the interests of fairness we have decided to extend our deadline by a month to 4 January. I strongly urge anyone who has been hiding taxable assets offshore to go on line and register. The NDO is voluntary but from the start of the New Year we will begin to investigate those who were eligible to use the NDO but instead buried their heads in the sand. Don’t let that happen to you.”
Anyone wanting to benefit from the advantageous terms of HMRC’s New Disclosure Opportunity now has until 4th January 2010 before the initial registration period ends. Anyone who registers for the New Disclosure Opportunity Tax Amnesty in time will have until 12 March 2010 to send in their full disclosure. But if you miss the registration window you will not be able to participate and will miss out on the lower penalty terms; and risk an intrusive investigation and possibly prosecution.
Lynam Tax Enquiry Experts can help you with the registration and the disclosure.
The NDO process is straightforward in simple cases. But there are many pitfalls for the unwary or those with more complex tax affairs. Badly managed Disclosures can have the reverse effect; leading to higher penalties a Civil Investigation of Fraud enquiry or even prosecution.
Lynam Tax Enquiry Experts have substantial experience of the first Tax Amnesty (Offshore Disclosure Facility) and the New Disclosure Opportunity and can help you with the registration and the disclosure.
Do not delay. For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997