HMRC announce Offshore Disclosure Initiative
04/08/2009
HM Revenue & Customs has confirmed the details of a new disclosure initiative, which will allow people with unpaid taxes linked to offshore accounts or assets, to settle their tax liabilities at a favourable penalty rate.
Under the New Disclosure Opportunity (NDO), people who make a complete and accurate disclosure between 1 September 2009 and 12 March 2010 will qualify for a 10% penalty. Those who choose not to take this opportunity and are subsequently found to have undeclared tax liabilities are likely to face a 30% or higher penalty, and run an increased risk of criminal prosecution.
Should you require any further information in respect of this please contact a member of the tax team on 0161 493 1930