The registration deadline for the New Disclosure Opportunity (NDO) has been extended by HMRC.

Individuals with unpaid taxes from offshore accounts and assets previously had until 30 November to notify HMRC that they wanted to bring their tax affairs up to date. This deadline has now been extended until 4 January 2010.

Individuals still only have until 12 March 2010 to submit full financial details of their offshore income, previously undisclosed, and will need to calculate their unpaid taxes by this date as well.

The deadline was extended due to an appeal being made by the banks involved as many claimed that they would not be able to contact customers in time to inform them of the original 30 November deadline.

The extension gives offshore investors and advisors more time to compare the NDO with the Liechtenstein Disclosure Facility (LDF) and to consider opening an account in Liechtenstein, or transferring assets to Liechtenstein from other offshore locations in order to benefit from the more generous LDF terms.

Please contact Dominic Crilly for further information at dominic.crilly@albertgoodman.co.uk.

Posted on 09 Dec 2009