The New Disclosure Opportunity is the last chance for those with an offshore account or asset to come forward and settle their affairs with HMRC at a favourable rate, bringing their tax affairs up to date.
HMRC is using its legal powers and can now obtain information from banks and financial institutions about holders of offshore accounts or assets. They also receive details of offshore accounts and assets through the European Savings Directive and from contact with revenue authorities in other countries.
Offshore means anywhere outside the United Kingdom of Great Britain and Northern Island, so offshore accounts or assets include any held in the Channel Islands, the Isle of Man and the Republic of Ireland.
If you have an offshore account or asset and haven’t paid tax or duty on it, you...