New Disclosure Opportunity (Mark 2)
HMRC have provided further information regarding this year's 'New Disclosure Opportunity (NDO).’
Whilst most people using the NDO to disclose details of income and profits derived from foreign assets are likely to face a penalty of 10%, customers of the high street banks who received letters under the 2007 Offshore Disclosure Facility, but chose not to contact HMRC, will face a 20% penalty if they now use the NDO to make a disclosure.
The advice in our previous blog holds good; if you think this may affect you, take professional advice as soon as possible.
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David Mansell is a Tax partner at Mercer & Hole.
