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Entries tagged “International Accounts Reporting”

UK Reporting of Undiscosed Foreign Accounts

Insight Yaacov P. Silberman Yaacov P. Silberman · October 28, 2009

On September 1, 2009, the Government of the United Kingdom implemented the New Offshore Disclosure Opportunity (“NDO”).

The NDO allows those individuals with unpaid UK taxes relating to previously undisclosed income and/or capital gains linked to offshore accounts and/or assets to settle related tax liabilities at a favorable 10% penalty rate.  Ordinarily, penalties are charged at up to 100% of the tax due.

The NDO provisions apply to all UK residents and certain non-UK domiciled individuals (who themselves may be or once were subject to tax in the UK) who have an interest in any Offshore Accounts, Trusts or Corporate entities that would otherwise be subject to UK tax. 

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