HMRC have released further details of the ‘New Disclosure Opportunity’ (NDO) (the new tax 'amnesty') that was announced by the Chancellor in the 2009 budget. Key details
Who is likely to be affected?
Any UK resident with unpaid tax liabilities connected to an offshore bank account is potentially affected. This includes individuals, companies, partnerships and trusts.
The source of overseas capital is of as much interest to HMRC as any undeclared income arising from the account itself. Typical examples seen under the previous tax ‘amnesty’ in 2007 included:
Under the spotlightOur August special edition of Under the spotlight focuses on the New Disclosure Opportunity. Download Under the spotlight 210K, August 2009
Also take a look at our brochure Final call – anything to declare? 1.2Mb, September 2009
How can Ernst & Young help?
Ernst & Young’s TCRM team contains a huge wealth of experience in dealing with tax investigations in general, and disclosures of this nature in particular.If you have any further questions, please visit our FAQs page or contact us.
If you would like our help please call our helpline on 0800 917 4122 or contact one of the following:
London and Home Counties
Rob Brockwell, Senior Manager
+44 [0] 20 7951 2764
+44 [0] 20 7951 3979
+44 [0] 121 535 2611
+44 [0] 131 777 2259
+44 [0] 28 9044 3532
For more information, and to find out how we can help, contact our 24 hour helpline: 0800 917 4122, or contact one of our Tax Risk specialists.
Tax Controversy Risk Management
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