Deadline for new disclosure opportunity imminent

Reminders letters have been sent to people who declared their intent to make a disclosure by the deadline of January 4. The disclosures should be filed online.

After the 12th March, persons found to have undeclared and taxable offshore assets will be subject to fines of between 30 and 100%. The last Offshore Disclosure Facility in 2007 raised over £400 million in revenue.

HMRC's permanent secretary for tax, Dave Hartnett, said that people who took advantage of the NDO have the potential to save 90% in penalty charges as long as they follow through on their promise and settle their outstanding debt by 12th March.

In a bid to further crack down on offshore tax evaders, HMRC has contacted more than 300 banks in the UK requesting that they provide information about their customers with offshore accounts. Investigations into these accounts will commence shortly.

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