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New Disclosure Opportunity
HMRC have provided more details of the New Disclosure Opportunity (NDO) which is due to take place from 1 September 2009 to 12 March 2010. The NDO is for people with unpaid tax connected to offshore accounts and assets and will give the taxpayers one final opportunity to disclose.
To encourage taxpayers to disclose undeclared offshore income and gains, the penalty level has been set at 10%. HMRC hope that the low penalty will encourage taxpayers to come forward.
Although the NDO period runs until 12 March 2010 initial contact must be made to HMRC by 30 November 2009 so please do get in touch without delay if you have any concerns in this area.
There is also a separate disclosure facility regarding accounts held in Liechtenstein. The terms of this are in some cases more favourable than the general “New Disclosure Opportunity” so if you are eligible for the “Liechtenstein Disclosure Facility” please also contact us.
Internet links: HMRC news release Basic information dates and Liechtenstein Disclosure Facility
