HMRC extends offshore disclosure deadline

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 perm...