New tax warning for offshore assets

People planning to continue hiding offshore assets from the authorities can expect an increased risk of prosecution, a representative of HM Revenue & Customs (HMRC) has suggested.

Dave Hartnett, permanent secretary for tax at the organisation, issued the warning ahead of the beginning of the New Disclosure Opportunity (NDO) on September 1st.

The programme allows people with previously undisclosed offshore assets to come forward, in exchange for a fine of ten per cent of the unpaid tax.

NDO lasts until March 12th, after which the fine rises to 30 per cent and the risk of prosecution increases.

Speaking on HMRC’s latest podcast, Mr Hartnett drew a contrast between the upcoming programme and the last scheme of this kind run by the tax authority, which raised around £450 million in 2007.

’We are going to have information from the majority of banks operating in the United Kingdom. So, we’re going to have a much bigger database from which to work,’ he said.

He added that, when the current NDO finishes, there ’will not be another chance’ for those yet to declare.ADNFCR-2318-ID-19331646-ADNFCR