HM Revenue & Customs (HMRC) is extending the declaration deadline for taxpayers with offshore investments.
The deadline to register under the New Disclosure Opportunity (NDO) has been moved from 30 November to 4 January 2010 after some banks complained they needed more time to contact their offshore customers.
Under the NDO, taxpayers will benefit from a 10% penalty cap when they tell HMRC about previously undisclosed offshore investments.
HMRC reports it is currently receiving information from 308 banks in the UK about their offshore customers, data which they will use to make sure those with outstanding tax payments give the taxman any missing contributions.
Dave Hartnett, HMRC's permanent secretary for tax, says: "We know some bank customers will not be contacted by their banks in good time for the original deadline of 30 November so in the interests of fairness we have decided to extend our deadline by a month to 4 January.
"I strongly urge anyone who has been hiding taxable assets offshore to go online and register. The NDO is voluntary but from the start of the New Year we will begin to investigate those who were eligible to use the NDO but instead buried their heads in the sand. Don't let that happen to you."
For more information about the NDO go to the HMRC website.
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