New Disclosure Opportunity

 HM Revenue & Customs (HMRC) is using its legal powers to obtain information about holders of offshore accounts from all UK banks and financial institutions

HM Revenue & Customs (HMRC) is using its legal powers to obtain information about holders of offshore accounts from all UK banks and financial institutions. HMRC also receives details of offshore accounts and assets through the European Savings Directive and from contact with Revenue authorities in other countries.

There is, of course, nothing wrong with holding an offshore account or owning an offshore asset as long as you have paid any tax due on the capital invested and on any interest arising on the account or on any income received relating to the asset.

In 2007 HMRC operated the Offshore Disclosure Facility to give the offshore account holders with five major UK banks the opportunity to put their tax affairs in order. HMRC now want to encourage the customers of other financial institutions with unpaid tax and/or duties connected in any way to offshore accounts or assets to pay what they owe. HMRC are therefore introducing the New Disclosure Opportunity (NDO) to help them get their tax affairs up to date.

This is the final opportunity for customers with offshore accounts or assets. HMRC will not offer preferential terms to offshore account and asset holders in the future. You must have notified before the 30 November 2009 to be able to go on and disclose; the deadline for which is 31 January 2010 on paper or 12 March 2010 if making the disclosure online.

If you have reason to believe that you have income which should be declared which has not previously been entered in your tax returns, we would strongly urge you to get in touch with us as quickly as possible so that we can meet the deadlines.