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20 August 2009 |
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New disclosure opportunity
So it's round two of HM Revenue and Customs (HMRC) attempts to encourage taxpayers particularly those with offshore accounts to come forward and bring themselves back into the tax fold if they have been under-declaring their UK tax liabilities.
As announced in this year's Budget, HMRC is launching a new disclosure opportunity (NDO) which will run from 1 September 2009 until 12 March 2010.
The Budget Report 2009 stated that:
"This will give holders of offshore accounts an opportunity to disclose, of their own accord, if they have unpaid tax or duties and to settle debts. HMRC will pursue those who do not disclose."
A further announcement on the HMRC website on 28 July states that:
"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 also run an increased risk of criminal prosecution."
Taxpayers wishing to take advantage of the NDO will have to make an initial notification of their intention to make a disclosure during the period from 1 September 2009 to 30 November 2009, but a facility to make a notification electronically will only be available from 1 October 2009 to 30 November 2009.
The deadlines for making the actual disclosure with all the required detail will be 31 January 2010 for disclosures made in paper form and 12 March 2010 for disclosures made on-line.
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