Posted: 27 October 2009
Issue: Vol 164, Issue 4229
Categories: Update, News, Admin, Legal, Investigations
Keywords: NDO, LDF

Revenue in discussion with tax havens

Taxation has established that assurances given by HMRC that said the New Disclosure Opportunity (NDO) will be ‘the last of its kind’ do not exclude the possibility of more deals such as the Liechtenstein Disclosure Facility (LDF).

The Revenue told Taxation that ‘there will definitely not be any more disclosure opportunities in respect of offshore customers of banks with a UK presence. We are of course talking to tax havens in respect of accounts opened through banks over which we have no information powers.’

John Cassidy, tax investigations partner at PKF, said: ‘Future disclosure opportunities will have a very limited focus, unlike the NDO, which is a golden opportunity for taxpayers to bring their affairs up to date  Anyone who could use it but chooses not to is seriously misguided, in my view’.

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