Offshore disclosure deadline imminent

Individuals using the New Disclosure Opportunity (NDO) have been reminded that they have just days to make their disclosures online and to pay all tax, duties, interest and penalties owed in full.

Offshore investors who have notified HM Revenue and Customs (HMRC) of their intention to use the NDO have until 12 March to settle the monies owed and incur a limited penalty of 10% of their unpaid tax. 

HMRC has confirmed that once the scheme closes, people who are found to have undisclosed offshore assets will be subject to a full tax investigation. Penalties will range from a minimum of 30% to up to 100%, and in the most serious cases criminal prosecution. 

Dave Hartnett, HMRC’s Permanent Secretary for Tax, said: ‘Taxpayers with offshore investments who have notified us of their intention to disclose have done the right thing, saving themselves 90% of the potential penalties for failing to disclose.

‘They now need to follow through by making their disclosure online and paying in full all the taxes they owe.’

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