Tax Investigations Newsflash
Disclosure is the way forward - Budget news Offshore Disclosure - The Chancellor has announced a New Disclosure Opportunity (NDO) for UK residents with unpaid tax connected to an offshore account. The NDO will run from the autumn 2009 for a limited period to give the offshore account holders one final opportunity to disclose, and put their affairs in order. Customers taking up this opportunity will be expected to pay the duties they owe, interest and a penalty. The level of penalty will be publicised before the scheme opens and for those eligible to take part it is likely to be lower than the level they can expect to pay under normal rules. Further details will be posted on www.tax-investigations.com as they emerge.
Publishing names of serious tax defaulters on HMRC website - The Chancellor has announced that the names and details of serious tax defaulters will be published in certain circumstances. Those who make an unprompted disclosure or a full prompted disclosure within the required time will not be affected.
Close monitoring of serious tax defaulters - The Chancellor has announced that those who incur a penalty for deliberate evasion in respect of tax of £5,000 or more will be required to submit returns for up to the following 5 years showing more detailed business accounts information and detailing the nature and value of any balancing adjustments within the accounts.
Anthony Connelly | anthony.connelly@uk.pwc.com | Tel: 0771 8778710 Our tax investigations e-newsflashes bring key developments to your attention as they happen. If you would like to discuss anything covered by this newsflash or any tax investigation issue please call our 24 hour helpline on 0800 328 8215 or email tax.investigations@uk.pwc.com. Visit our website: www.tax-investigations.com.
| 
Posts
