HMRC has stressed that its "new disclosure opportunity" or NDO offers a final chance to come clean for people who have used accounts or assets held offshore to evade UK taxes. Alistair Darling told a CBI audience that HMRC had requested details of at least 100,000 offshore accounts held at over 300 financial institutions. "This should mean billions of extra unpaid tax returning to our country, with an expected £1bn from our agreement with Liechtenstein alone," he said.
"HMRC will not offer these preferential terms to offshore account and asset holders again," says HMRC guidance on NDO. HMRC has provided further details of the "bespoke" Liechtenstein Disclosure Facility whose stated aim is to support reviews which are to be carried out by financial intermediaries subject to supervision by Liechtenstein's Financial Markets Authority in order to identify those who may have liability to UK tax.
This week's issue of Tolley's Practical Tax newsletter (11 September) has more on this and other developments including:
- A tax avoidance scheme involving employee benefit trusts may result in an inheritance tax charge on the participators of a close company, HMRC has warned;
- Man arrested in connection with suspected fraud following an attack on HMRC's computer systems;
- Companies House will accept iXBRL format accounts;
- NI number required for self employment registration;
- HMRC plans Facebook help for students;
- Probate and IHT helpline is overburdened, says HMRC;
- Taxpayers' charter – some concerns remain;
- A change of view on seafarers' deduction;
- Government is 'creating towers of tax books', says tax publisher.
