HMRC’s New Disclosure Opportunity, allowing people with unpaid tax liabilities linked to offshore accounts or assets to settle at a favourable penalty rate, started on 1 September and will run until 12 March 2010.

Taxpayers must notify HMRC of their intention to make a disclosure by 30 November 2009.  Notifications may be made on paper from 1 September 2009, or online from 1 October 2009.

Provided you have met the notification date of 30 November 2009, you will then have until 12 March 2010 to calculate your tax, interest and penalties due under the disclosure opportunity which may involve going back as far as 20 years and it is important to seek advice when preparing to make a disclosure, particularly when considering the rate of penalty that may or may not apply to you.

In some cases, it may be appropriate to consider the interaction with the Liechtenstein Disclosure Facility although specialist advice will need to be taken. 

Posted on 02 Oct 2009