The Chancellor announced a “New Disclosure Opportunity” for UK residents with unpaid tax connected to an offshore account. The NDO will run from Autumn 2009 to March 2010: to give offshore account holders “one final opportunity to disclose”, and put their affairs in order. Taxpayers taking up this opportunity will be expected to pay the duties they owe, interest and a penalty. The level of penalty will be publicised before the scheme opens and is likely to be lower than the level under normal penalty rules; but higher than the 10% on offer in 2007 under the Offshore Disclosure Facility.
HMRC has sworn to “risk-assess information from notices served on banks to identify those suspected of under-declaring” and has vowed to “pursue relentlessly” those who do not come forward.
The first ODF in 2007 raised £400 million and led to several prosecutions.
No specific start date for the NDO was announced, nor were there any specifics of the terms for those who come forward. HMRC are likely to set up an NDO section on its website later this year.
Lynam Tax partners have enormous experience of Tax Disclosures, the 1st Tax Amnesty (ODF) and of managing HMRC Tax Enquiries. We are already dealing with a number of New Disclosure Opportunity cases. We can assist you in maximising the benefits offered by the NDO 2009. If you have offshore bank accounts or assets or any undisclosed tax liabilities then:
For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997