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This time around the taxman is obtaining information from more than 200 banks, building societies and financial institutions"

3rd September 2009, Page 26
3rd September 2009
Page 26
Page 26, 3rd September 2009 — This time around the taxman is obtaining information from more than 200 banks, building societies and financial institutions"
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Which of the following most accurately describes the problem?

HMRC has said that this will be the final opportunity for tax defaulters with overseas accounts or assets to bring their tax affairs up to date.

There will be taxpayers who fail to make a complete disclosure and others who choose not to come forward. Roth categories can expect to hear from the taxman. It may be a while, given the volume of information held by HMRC, but the taxman will be in touch.

Those who choose not to come forward will be charged a minimum penalty of 30% of the tax evaded, up to a maximum of 100%. They also run the risk of being prosecuted — a risk not worth taking, when the NDO offers a way to clean up their tax affairs with the minimum of fuss.