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Final whistle

HM Revenue and Customs (HMRC) has hammered home the message that it will stop at nothing to claw back tax revenue, by announcing a 200 per cent penalty for those failing to declare assets held in offshore bank accounts once the New Disclosure Opportunity (NDO) deadline passes.

The announcement in the Pre-Budget Report comes after the recent extension of the NDO’s online registration deadline from 30 November 2009 to 4 January 2010.

Business advisors say anyone with tax irregularities related to offshore accounts should come forward now to avoid the penalty of up to 200 per cent of the unpaid tax. The ongoing NDO offers penalties as low as ten per cent.

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