Monday, November 2, 2009

Offshore bank accounts - HMRC warning video

Remember, remember the 30th of November. That's the deadline for notifying HMRC that you intend to come clean if you have any previously undeclared income from offshore investments.
I referenced this "New Disclosure Opportunity" (NDO) in an earlier post on the TaxBuzz blog: 5 tax facts and advice if you have an offshore bank account.

HMRC had originally provided a similar opportunity to come clean and pay reduced penalties in 2007. This followed from the access HMRC had secured to information about offshore bank accounts held with the five main high-street banks in the UK through their offshore subsidiaries.

The NDO is now targeting UK residents who have offshore accounts operated by over 300 banks and other financial institutions which also have an onshore presence in the UK.

A separate and distinct procedure has been announced in recent weeks that is only relevant to those who held accounts with banks in Liechtenstein. HMRC have not ruled out other similarly targeted arrangements with other specific territories. It would be a brave or stupid person who planned to await any such announcement before coming clean - and in so doing ignores the NDO.

Here's the top HMRC man, Dave Hartnett, to explain their position in stark terms.

Tax Investigations specialist members of the Tax Advice Network are well placed to advise and assist you if you have any worries on this issue. Simply choose one near you or whose profile you like and give them a call.

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