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Meeting points

23 May 2007
Issue: 4109 / Categories: Events , ODF , offshore disclosure facility
Tolley's Breakfast Briefing: HMRC's offshore tax 'amnesty', 10 May 2007, reported by Paul Stainforth CTA, managing technical editor of Simon's Direct Tax Service.

Speakers quoted:
Stephen Camm tax investigations partner PricewaterhouseCoopers LLP
Tony Slater regional tax investigations director KPMG

Stephen Camm and Tony Slater looked at some of the key questions facing advisers concerning the operation of HMRC's offshore disclosure facility (ODF).

What's the timeframe for making disclosures?
The timeframe is tight. Taxpayers must notify their intention to make a disclosure by 22 June 2007. HMRC will send an acknowledgment letter reference number and payslip. The disclosure must then be made in the form HMRC prescribe by 26 November 2007 by which date all taxes duties interest and penalties must also be paid. HMRC will make their final decision by 30 April 2008. If the affairs are very complex then exceptionally it may be possible to negotiate an extension with HMRC to the disclosure deadline of 26 November.
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