Offshore account holders have only hours left to take advantage of the
amnesty guaranteeing a penalty of only 10% to reveal hitherto undisclosed
investments to the taxman.
HMRC issued a New Year message drawing attention to today’s [Mon Jan 4]
deadline for the New Disclosure Opportunity scheme and warn tomorrow [Tues 5
Jan] will be too late.
The Final Warning said notice of intent can be made online at
https://ndo.hmrc.gov.uk/ndo with full disclosure on paper by 31 January, or
online by 12 March, adding that 300 banks in the UK have been sent formal
demands for information and investigations will begin on Wednesday [5 March]
with penalties of up to 100% and the possibility of prosecution.
Financial Secretary Stephen Timms said: “The use of offshore accounts to
evade UK tax is illegal. It deprives the UK of tax revenues to fund essential
public services and is unfair to the vast majority of honest taxpayers who pay
what they should.”
Report argues that the government must change the way it makes tax and budget decisions
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance