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NDO sees 10,000 offshore investors come forward

NDO sees 10,000 offshore investors come forward

Category: Offshore savings

Updated: 07/01/2010
First Published: 07/01/2010

MONEYFACTS ARCHIVE
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Ten thousand people have notified their intention to disclose previously undeclared offshore income and gains, HM Revenues and Customs (HMRC) has announced.

Offshore investors had been encouraged to come forward to declare their intentions to pay their offshore taxes in HMRC's New Disclosure Opportunity (NDO).

Those who have decided to come forward will have to pay a fine of ten per cent of taxes owed and will escape criminal conviction. The deadline for the NDO was originally 30 November, but was brought forward because of concerns over the scale of the operation.

Investors had been told that the NDO represented their last chance to get their offshore taxes in order, but Dave Hartnett, Permanent Secretary for Tax, said: "It's important to remember that, when someone comes forward voluntarily, the penalty is always lower than when we catch the evader.

"This means it's still well worth contacting HMRC if you have undisclosed offshore accounts."

HMRC will now attempt to identify those who have chosen not to come forward, having requested data on offshore accounts from 300 banks.

"We are staring our investigations and penalties can be up to 100 per cent of the tax not paid," warned Mr. Hartnett.

He also said that HMRC would be examining information about offshore accounts in order to identify intermediaries who have assisted UK citizens in hiding money offshore."

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