August 2009

OFFSHORE ACCOUNT - NEW DISCLOSURE OPPORTUNITY

I am now able to report HMRC have advised the penalty for disclosures under the New Disclosure Opportunity (NDO) to be launched this autumn will be set at 10%.

It is assumed that the penalty has been set at a level to encourage taxpayers to come forward.

It is important to be aware that for any individuals with accounts at HSBC, Lloyds, RBS Group or Barclays who were offered the chance to make a disclosure under the 2007 disclosure facility, the 10% penalty will not be available. The penalty rate for these particular disclosures has been announced as 20%.

The disclosure opportunity applies to all disclosures, not just those relating to offshore accounts. To benefit from the 10% penalty it is important to remember a full disclosure must be made.

If you wish to discuss how disclosure should be constructed or need assistance in relation to any enquiry already underway, do not hesitate to contact me on 01483 455508, or email paul.martin@cmbpartners.co.uk.