New Disclosure Opportunity (NDO)
New Disclosure Opportunity
Following the success of the Offshore Disclosure Facility (‘ODF’) in 2007 principally involving customers of five leading High Street banks (Barclays, HBOS, Lloyds TSB, HSBC and Royal Bank of Scotland) which raised in excess of £400m, HMRC announced that they would offer a final opportunity for individuals who have underpaid tax connected to the use of an offshore bank account to come clean. The deadline to submit a disclosure under the terms of the NDO has now passed. However, there is still an opportunity for individuals to make a voluntary disclosure to HMRC and receive favourable penalty terms. To discuss, please get in contact with us.
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