TaxAdministrationBudget 09: deadline revealed for new offshore amnesty

Budget 09: deadline revealed for new offshore amnesty

Official Budget notes say the New Disclosure Opportunity will be undertaken for holders of overseas accounts until March 2010

budget box

The second offshore tax amnesty will be referred to as the New Disclosure
Opportunity, and will be undertaken for holders of overseas accounts until March
2010, according to official Budget notes.

Andrew Watt, managing director of tax disputes and investigations at Alvarez
and Marsal Taxand, said that while he welcomed the move, he is disappointed
HM Revenue and
Customs
is yet to serve disclosure notices on the next set of banks.

‘They’ve even said in the press notice that they haven’t got around to doing
it yet,’ he said.

Speculation the amnesty will commence in the autumn is supported by Watt, who
said the nominated March 2010 deadline is sufficient time for HMRC to obtain the
information it needs.

‘It’s more than long enough. It takes time to put the flesh on the bones,’ he
said.

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