NDO registration deadline extended to 4 January 2010
The New Disclosure Opportunity (NDO) is an opportunity for taxpayers to obtain favourable terms when they tell HMRC about offshore investments that they have never disclosed in the past. HMRC is currently receiving information from 308 banks in the UK about their offshore customers which will be used by HMRC to ensure that everyone pays the right tax.
On Friday 27 November HMRC announced that the registration deadline which had been due to expire on 30 November, would be extended to 4 January 2010, as some banks would need more time to contact their offshore customers.
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 percent.”
Sue Holmes, Smith & Williamson’s Tax Investigation Partner said that “The extended deadline is welcome news. Any persons receiving a letter from HMRC or their bank concerning offshore accounts should consider their position carefully, and seek professional advice if they have any doubt as to their obligations, as they have only one chance to get this right. There will be no second chances after 4 January, to settle past taxation liabilities on such favourable terms”.
For further information:
Sue Holmes, head of Tax Investigations at Smith & Williamson, the accountancy and financial services group
Tel 020 7131 8167 or mobile 07866 544946
PR queries:
Kate Harrison 020 7131 4228
Matt Rowe 020 7131 4550
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Note to editors
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