CIOT backs HMRC's New Disclosure Opportunity details

Announced in the Budget, the NDO is designed to encourage taxpayers with undisclosed income from offshore accounts to disclose it and pay a penalty or face further action. The NDO will run from autumn 2009 until March 2010, giving offshore account holders "one final opportunity" to put their affairs in order. There is a penalty of 10% for full disclosure if account holders have had no previous opportunity, but fines will be higher for full disclosure if account holders had the chance before. HMRC is seeking to obtain details of offshore accounts and assets from hundreds of financial i...