HMRC has extended the deadline for notification under its New Offshore Disclosure Facility (NDO); the take up to-date has proved very low.
Compliance officers say that they are surprised by the fact that so few individuals have come forward under HMRC's latest initiative to persuade those with undeclared offshore to come clean. The original 30 November 2009 deadline is now extended to 4 January 2010.
The move has been welcomed by the Chartered Institute of Taxation (CIOT). Gary Ashford, Chairman of the CIOT’s Management of Taxes Sub-Committee, said:
“This is a sensible and realistic move which recognises the lack of time under the original deadlines. As we envisaged, there hasn’t been enough time to sort out all the information from the various banks.
“The new deadline should work, even if it might mean an uncomfortable Christmas for some taxpayers.”
Another disclosure opportunity exists already for those who have not declared income from banking in Liechtenstein. This extends until 31 March 2015 and its terms are considerably more favourable than the NDO.
