29/07/09: HMRC Announce Offshore Disclosure Initiative

Under HMRC’s New Disclosure Opportunity (“NDO”), persons who make a complete and accurate disclosure of their tax affairs to HMRC between 1 September 2009 and 12 March 2010 will qualify for a 10% penalty. Once the disclosure window closes, those taxpayers who have not come forward but are found to have unpaid tax liabilities will face penalties of at least 30% rising to 100% of the tax evaded.  They also run a risk of criminal prosecution.

Please contact M&R Tax Advisers if you require further advice on this matter.