NDO deadline approaching, warns HMRC

Taxpayers who hold offshore investments they have not yet informed HM Revenue & Customs (HMRC) about have less than a week to take advantage of the New Disclosure Opportunity (NDO).

HMRC has set a deadline of January 4th for notification of undisclosed investments and financial secretary to the Treasury Stephen Timms urged those who hold such accounts to sign up for the deal, which will see them pay a special discounted penalty of ten per cent.

’Time is running out but it’s still not too late,’ he remarked, adding that using offshore accounts in order to avoid tax is an illegal practice that ’deprives the UK of tax revenues to fund essential public services’.

Those who do not declare their offshore accounts before next week will be liable to penalties of up to 100 per cent of the value of their assets and may also face criminal prosecution.

Last month, HMRC used video-sharing website YouTube to warn people about the dangers of dodging tax.

It posted a two-minute clip featuring permanent secretary for tax Dave Hartnett.ADNFCR-2318-ID-19532627-ADNFCR