IN THIS ISSUE:
FROM THE HEAD OF ACCA SCOTLAND
Accountants for business
NEWS
New office, new team
New office bearers for ACCA Scotland
ACCA Economic Confidence Survey
Benefit from Common Purpose's learning programmes
FEATURES
Positioning your organisation to succeed
Resilience through a recession
Getting to know... the Aberdeen members' network
TECHNICAL UPDATE
ACCA and HMRC talk tax
Offshore disclosure
What's new on ACCA's website for SMPs?
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Offshore disclosure

The points below provide an overview from HMRC on what you can expect from its new offshore disclosure plan:

  • the New Disclosure Opportunity (NDO) is for people with unpaid tax connected to an offshore account and will run from the autumn 2009 until March 2010. It will give the offshore account holders one final opportunity to disclose, and put their affairs in order
  • penalty of 10% for full disclosure if no previous opportunity. Higher for full disclosure if you had the chance under previous opportunity
  • HMRC is seeking to obtain details of offshore accounts and assets from hundreds of financial institutions. This ensures HMRC will be able to pursue those who choose not to disclose tax owed as quickly as possible
  • during the disclosure period, all account holders will know that HMRC has, or will soon have, their details. We have already successfully applied to get details from a number of banks
  • although offshore account structures can be complex, HMRC will make it as simple and straightforward as possible for people to disclose
  • in addition, HMRC want to work with financial institutions and customer representative bodies to further simplify the disclosure process.

If people do not disclose
  • the NDO is a final opportunity to disclose in advantageous circumstances - there will not be another one
  • anyone who has, or thinks they have, unpaid tax connected to an offshore account, should not wait for a further opportunity - it still makes sense to come forward now
  • they will be disappointed and face the likelihood of HMRC contacting them after the disclosure window has closed. If there are unpaid liabilities, this will almost certainly mean a higher penalty at the very least
  • we have plans to risk assess all information we receive and we will identify people who we believe have undeclared liabilities but who have not disclosed through NDO
  • we will use our enquiry and inspection powers to approach customers in this group and we will vigorously pursue all outstanding liabilities.

Once agreement has been reached the full details of the latest offshore disclosure campaign will be available on ACCA UK's website.


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