TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

Overview of New Disclosure Opportunity

Introduction

HM Revenue & Customs (HMRC) is using its legal powers to obtain information about holders of offshore accounts from all UK banks and financial institutions. HMRC also receives details of offshore accounts and assets through the European Savings Directive and from contact with revenue authorities in other countries.

There is, of course, nothing wrong with holding an offshore account or owning an offshore asset as long as you have paid any tax due on the capital invested and on any interest arising on the account or on any income received relating to the asset.

In 2007 HMRC operated the Offshore Disclosure Facility to give the offshore account holders with five major UK banks the opportunity to put their tax affairs in order. HMRC now want to encourage the customers of other financial institutions with unpaid tax and/or duties connected in any way to offshore accounts or assets to pay what they owe. HMRC are therefore introducing the New Disclosure Opportunity (NDO) to help them get their tax affairs up to date.

This is the final opportunity for customers with offshore accounts or assets. HMRC will not offer preferential terms to offshore account and asset holders in the future.

Scope of the New Disclosure Opportunity

NDO is open to those who hold or have held an offshore account or asset, either directly or indirectly, that is in any way connected to a loss of UK tax and/ or duty.

For a limited period you can come forward and make a full disclosure of all undeclared liabilities, not just those connected with an offshore account or asset. You can make a personal disclosure or disclose on behalf of another taxpayer, for example a company, trust, deceased person. Agents can also notify and disclose on behalf of clients.

There are two stages to the process: notification and disclosure

Stage 1 – Notify your intention to disclose. You must have notified before the 30 November 2009 to be able to go on and disclose

Stage 2 – Make your disclosure and payment. Further information can be found in the Frequently Asked Questions

  • You need to be aware of the key dates
  • You should read and understand the terms of this facility.

Both notification and disclosure can be made online.

You can also make your notification by telephone or post and your disclosure by post.

What happens after disclosure and payment?

After acknowledging your disclosure HMRC will review it and in the vast majority of cases send you an acceptance letter.

If you choose not to disclose

At the end of the notification period, HMRC will target those with offshore bank accounts and undeclared tax liabilities who have chosen not to come forward to make a disclosure.

Source: HMRC. www.hmrc.gov.uk. Copyright acknowledged.