New Disclosure Opportunity
New Disclosure Opportunity
New Disclosure Opportunity
You may have read in the press recently that HM Revenue & Customs have announced a New Disclosure Opportunity (NDO), allowing individuals with previously undisclosed income or gains from overseas funds and assets to make a disclosure their tax liabilities at a favourable penalty rate.
This follows an earlier opportunity whereby HMRC were able to obtain information relating to overseas bank accounts from five major UK banks with offshore branches. HMRC have now secured formal notices against other financial institutions based in the UK who offer overseas investment facilities.
Under the new disclosure opportunity, the penalty for not previously notifying unpaid tax from overseas sources will be restricted to 10% (or 20% if HMRC had already written to the taxpayer in relation to the previous disclosure facility with no response).
Effective Date
This new opportunity ran from 1 September 2009 and will end on 12 March 2010 for those who have already notified HMRC of their intention to make a disclosure. The deadline for notification of intention ended on 4 January 2010.
Further opportunities for taxpayers to make discosures may be introduced in the future.
Contact Me
If you have previously undisclosed income or gains from overseas sources and have notified your intention to make a disclosure to HM Revenue & Customs, or indeed if you have missed this deadline but would still like to make a disclosure of unpaid tax, either from UK sources or abroad, please contact me in confidence to discuss your position.