Tax Dodgers: ‘Fess Up Or Face Consequences

Tax Dodgers: ‘Fess Up Or Face Consequences

Anyone with undeclared offshore tax liabilities who fails to come forward
under the New Disclosure Opportunity (NDO) faces an increased risk of
prosecution, HMRC’s Permanent Secretary for Tax, Dave Hartnett, warns in a new
podcast launched today.

Under the NDO, people making a complete and accurate disclosure of their
untaxed offshore liabilities between 1 September and 12 March 2010 will have any
penalty capped at 10 per cent, or 20 per cent if they failed to take up a
written offer of a capped penalty under HMRC’s 2007 Offshore Disclosure Facility

Once this disclosure window closes on 12 March 2010, those taxpayers who have
not come forward but are found to have unpaid tax liabilities will face
penalties of at least 30% rising to 100% of the tax evaded.  They also run a
risk of criminal prosecution.

In the podcast, Dave Hartnett makes it absolutely clear that penalties will
be “much higher than 10 or 20 per cent” for those who don’t come forward, and
stresses that “there will not be another chance” to do so.

“This time,” he warns, “we are going to have information from the majority of
banks operating in the United Kingdom.  So, we’re going to have a much bigger
database from which to work.”

The podcast is available to listen to or download for free from the .

** Additional Information & Advice ** 

You can obtain further information about tax law on and the .

Depending on your circumstances, however, it may be a good idea to .  You can be
for free via solicitor matching
services, which can also help you to understand the best course of action for
your situation and whether you are ready to hire a solicitor.