HMRC reminds offshore investors of NDO deadline
Date posted: 09 Mar 2010
Published by Louise Border
HM Revenue and Customs (HMRC) is encouraging offshore investors to adhere to the New Disclosure Opportunity (NDO) deadline, which falls later this month.
The organisation is hoping to remind people that March 12th is the date by which they will be expected to pay a ten per cent penalty charge and outstanding tax if they have registered to take part in the NDO initiative.
Published by Louise Border
HM Revenue and Customs (HMRC) is encouraging offshore investors to adhere to the New Disclosure Opportunity (NDO) deadline, which falls later this month.
The organisation is hoping to remind people that March 12th is the date by which they will be expected to pay a ten per cent penalty charge and outstanding tax if they have registered to take part in the NDO initiative.
Permanent secretary for tax at HMRC Dave Hartnett has noted that people may need to deal with a much higher penalty if they do not disclose their offshore investments by the deadline.
He commented: "Taxpayers with offshore investments who have notified us of their intention to disclose have done the right thing, saving themselves 90 per cent of the potential penalties for failing to disclose."
Last week, HMRC announced that consumers might have their names publically revealed in the future if they evade tax payments, once the organisation gains new powers to take such action next month.
Please contact Ed Turner, head of services for individuals, for further information or call 01223 225196
Click here to email or call on 01223 225124.
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