Offshore disclosure extension
HMRC is giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO). The registration deadline, which was due to expire on 30 November 2009 has been moved to 4 January 2010 as some banks need more time to contact their offshore customers.
HMRC are reminding individuals that the NDO is the last opportunity for taxpayers to obtain 'favourable terms' when advising HMRC of offshore investments that they have never reported previously. HMRC are currently in the process of obtaining information from 308 UK banks regarding their offshore customers in an effort to ensure that everyone pays the right tax.
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."
"This is a great way to start the New Year – with the knowledge that your tax affairs are in order and the certainty that the penalty will be capped at 10%."
If you have any questions or concerns in this area please do get in touch.
Internet link: HMRC press release