HMRC has won the right to demand compulsory disclosure notices against 308 financial institutions, banks and financial services providers with a presence in the UK (many of them foreign owned); forcing them to give up details of clients with overseas interests, and details of any payments or transfers to overseas accounts.
The taxman said: “HMRC can now issue the information notices to banks ahead of the New Disclosure Opportunity. The NDO will allow people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate. HMRC will use this information to ensure everyone pays the right tax and to check that NDO disclosures are complete [and] to pursue those people who continue to flout the UK’s tax laws”.
What does this mean for me?
If you have any undeclared tax liabilities and also an offshore bank account or any offshore property then you can use the NDO. If you have very straightforward tax affairs you may be able to handle the disclosure yourself or with the help of your usual general practitioner accountant. If your tax affairs are more complicated (e.g. you have several sources of income, your offshore accounts are more than 6 years old, you are a UK trader who has undeclared trading income, your domicile or residence status is unclear, you are an executor of an estate that did not declare the offshore asset/ bank account for IHT purposes, or you are currently subject to a tax enquiry or investigation) then you may need specialist help.
If you are concerned about an offshore bank account or offshore assets, or have any historic tax liabilities that are worrying you, or think the New Disclosure Opportunity may benefit you: then Lynam Tax Enquiry Experts can help. Call today for a confidential, discreet discussion with our experienced Tax Dispute Specialists.
Call Paul Lynam now on 0845 643 9997