Clock is ticking on NDO, warns adviser
BDO Stoy Hayward tax expert reminds individuals with undeclared offshore accounts they must get moving to hit deadline
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’