Clock is ticking on NDO, warns adviser

Advisers are urging offshore account holders not to hang back if they want to avoid missing out on the government's tax amnesty.

HMRC's New Disclosure Opportunity kicked off at the beginning of the month alongside the Liechtenstein Disclosure Facility.

Dawn Register, senior manager in Tax Investigations at BDO Stoy Hayward said: "They have a very short time period to make their disclosures and qualify for the amnesty by the end of 30 November."

The Liechtenstein agreement has easier terms than the NDO. One major difference is that the Liechtenstein deal restricts any disclosure to a maximum of only 10 years, unlike the 20 years of the NDO, which has caused controversy.

Further reading:

Historic Liechtenstein tax deal branded 'unfair'