Offshore Investments Disclosure Extension Has Ended

The extended period which HM Revenue & Customs (HMRC) was giving to taxpayers with offshore investments to come forward under the New Disclosure Opportunity (NDO) has now ended. The registration deadline, which was due to expire on 30 November 2009 was been moved to 4 January 2010 as some banks need more time to contact their offshore customers.

This was the last opportunity for taxpayers to obtain 'favourable terms' when advising HMRC of offshore investments that they have never reported previously. HMRC have otained information from 308 UK banks regarding their offshore customers in an effort to ensure that everyone pays the right tax.

If you have any questions or concerns in this area please do get in touch. Please contact Peter Hogan at Darlington, Nicola Bellerby at Durham or Terry Doyle at York.

Internet link

HM Revenue & Customs (HMRC) Press Release