CIOT welcomes sensible extension of offshore amnesty
Today’s announcement by HM Revenue and Customs (HMRC) that the deadline for the ‘New Disclosure Opportunity’ is being extended has been welcomed by the Chartered Institute of Taxation (CIOT).
Instead of 30 November 2009, taxpayers wishing to use the NDO will have until 4 January 2010.
Gary Ashford, Chairman of the CIOT’s Management of Taxes Sub-Committee, said:
“This is a sensible and realistic move which recognises the lack of time under the original deadlines. As we envisaged, there hasn’t been enough time to sort out all the information from the various banks.
“The new deadline should work, even if it might mean an uncomfortable Christmas for some taxpayers.”
Notes to editors
1) The New Disclosure Opportunity, announced in the April Budget, required taxpayers with undisclosed overseas income to first notify HMRC of an intention to disclose and then send in full details.
2) The notification date, previously 30 November 2009, is now extended to 4 January 2010. The filing deadline remains 12 March 2010.
3) The Chartered Institute of Taxation (CIOT) is a charity and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT’s primary purpose is to promote education and study of the administration and practice of taxation. One of the key aims is to achieve a better, more efficient, tax system for all affected by it – taxpayers, advisers and the authorities.
The CIOT’s comments and recommendations on tax issues are made solely in order to achieve its primary purpose: it is politically neutral in its work. The CIOT will seek to draw on its members’ experience in private practice, government, commerce and industry and academia to argue and explain how public policy objectives (to the extent that these are clearly stated or can be discerned) can most effectively be achieved.
The CIOT’s 14,900 members have the practising title of ‘Chartered Tax Adviser’.
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