Nichola Ross Martin offers a candid view of HMRC’s New Disclosure Opportunity and the Liechtenstein Disclosure Facility.
Back in 2007/08 HMRC offered an Offshore Disclosure Facility allowing taxpayers to declare any previously undisclosed income from offshore sources, which was then subject to tax, interest and a 10% penalty. It all sounded so simple.
Then things got slightly more complicated because, despite its title, people were also allowed to use to the Offshore Disclosure Facility to declare any previously undeclared onshore income too, and were also treated to the same low tax penalty regime. The facility was then dubbed an ‘amnesty’.
This year, HMRC announced a New Disclosure Opportunity (NDO), which is for those who did not cough up the first time around or...