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Offshore customers urged to come forward
- Published: Friday, 14 August 2009
HMRC is offering people with unpaid taxes linked to offshore accounts or assets the opportunity to pay what they owe at a reduced rate. If you don’t come forward, you could face a much higher penalty. If you want to come forward, you have until 30 November to notify of your intention and until 12 March 2010 to file a full disclosure.
New Disclosure Opportunity (NDO)
Savers with offshore accounts must pay tax on the interest, even if they never bring the money into the UK.
To encourage people to come forward and declare interest on investments abroad and pay the tax due, HMRC is introducing the New Disclosure Opportunity (NDO).
The NDO will allow people with unpaid taxes linked to offshore accounts or assets to pay off the tax due at a lower penalty rate of 10 per cent.
People who do not take advantage of the NDO and are found to be avoiding tax could face much higher penalties of 30-100 per cent of the tax due, and also run a greater risk of prosecution.
Taking advantage of the NDO
To take advantage of the New Disclosure Opportunity (NDO) customers must notify HMRC by 30 November 2009 of their intention to make a disclosure. At this stage you do not need to provide any details of the tax you believe you owe.
You can Notify:
- by phone on 0845 302 1401 (international +44 1506 476 094)
- by post completing the relevant part of either form NDO2 or NDO3 in the booklet 'Completing the disclosure forms'
- by email - electronically complete the information required in a Notification eform before October 2009
- online using the NDO online service from October 2009
You can Disclose and pay
- by post until 31 January 2010 - you must use the forms below
- online until 12 March 2010 - the NDO online service is available from 1 October 2009
