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Feeling the impact of the New Disclosure Opportunity

UK

In an effort to raise much needed revenue and to flush out irregularities associated with offshore bank accounts and structures, Her Majesty's Revenue and Customs (HMRC) has introduced the New Disclosure Opportunity (NDO). This will be the last chance HMRC will offer individuals and companies to disclose unpaid tax.

{C}The initiative takes effect on 1 September 2009 and will end 12 March 2010. All those wishing to take advantage of the NDO must notify the HMRC of their intent between 1 September and 30 November, and a disclosure reference will be provided.

Andrew Watt, Managing Director at Alvarez & Marsal Taxand LLP, the UK member of Taxand, investigates the main points to consider and how this will impact individuals and companies.

Your Taxand contact for further queries is:
Andrew Watt
T;+44 (0)20 7715 5214
E: awatt@alvarezandmarsal.com

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