NDO or LDF - which do I use?

Posted by PM | on Mon, 14/09/2009 - 08:27 3158 4 comments

Additions to the FAQ’s on the HMRC website indicate that taxpayers and advisers are already confused by the two disclosure opportunities which are currently running. HMRC has made clear that it is not possible for taxpayers to move themselves from the general disclosure opportunity to the more favourable Liechtenstein facility simply by moving their cash.

New Disclosure Opportunity (NDO)

Continued...

New Disclosure Opportunity- publicity needed

Iain Macleod | Wed, 16/09/2009 - 11:53 | Permalink

For the NDO to work HMRC need to publicise the opportunity for offshore account holders.

It looks as though HMRC won't be writing to account holders before the notification deadline of 30 November 2009. Maybe Banks will tell clients they've had to hand over account details.

While HMRC ads on this and other sites are welcome, to get the message across they need to use TV, radio and popular print media too.

I couldn't agree more

RebeccaBenneyworth | Wed, 16/09/2009 - 22:47 | Permalink

I have talked briefly about this on lectures this week and I am not convinced that advisors are aware that this is a very different kettle of fish to the last disclosure opportunity. The onus is very much more on the client to come forward - prompted by advertising. I guess many accountants should really be putting the word out to clients to ensure that those who need to put thier hands up realise what is going on. I wouldn't want to be in their shoes come 1 December otherwise. The trouble is, I suspect many accountants think their clients wouldn't have offshore monies, particualarly in small practices, but I think we should all be raising the issue with our clients irrespective, to ensure they have the opportunity to make a disclosure if necessary.

I also agree

Johhny | Thu, 17/09/2009 - 12:32 | Permalink

Last time around the banks (and HMRC in most cases) wrote to the affected customers and advised that data had been passed over to HMRC. That is not happening this time around. In many cases the bank will not have collated and handed the data over to HMRC by the end of the registration period on 30 November.

We have been trying to raise awareness of the NDO/LDF both with clients and externally. The registration deadline is not really very far away but it is amazing how many people haven't heard of it when the subject is raised. Everyone needs to tell their other contacts as well as their clients so that word gets around as many people as possible.

Anyone who is a bit uncomfortable raising the issue with clients can use HMRC's lack of action as an excuse. For example, how about stressing that they are not suggesting the client may be affected but that it is such an important matter it needs to be brought to the attention of as many people as possible. Not much is being done by HMRC in that respect so can the client/contact pass the intelligence on to thier contacts as well.

John Cassidy

Tax investigations partner, PKF

Liechtenstein Disclosure Facility

mickeyparish | Mon, 16/11/2009 - 12:49 | Permalink

Good morning

Rebecca Benneyworth wrote:

"However, the FAQ’s make it clear that it is not possible to close an offshore account and move the funds to Liechtenstein in order to migrate from NDO to LDF as the disclosure will apply to the period when the account was open."

There was an article in the Daily Telegraph on Saturday 14th November suggesting otherwise, except for accounts originating via UK based banks ( I paraphrase) . The current FAQs on the HMRC website appear to confirm the DT's version.

What's the current view ?