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Only 10,000 used the offshore tax amnesty before expiry date

07 January, 2010

Treasury’s Stephen Timms confirmed that just 10,000 have used its latest offshore tax amnesty known as the New Disclosure Opportunity, which expired on January 4.

The tax experts were predicting a low-take up by offshore account holders of the new scheme. However, they must be disappointed by this response as Chancellor of the Exchequer Alistair Darling was hoping that the NDO would raise GBP1bn in additional tax revenues.

Financial Secretary to the Treasury - Stephen Timms, has said that hiding money offshore was morally unacceptable, and that the taxman would be instituting measures over the coming year that would uncover offshore tax evasion for good. He said that those who insist on hiding assets offshore and have not made a disclosure will face penalties of up to 100% in future when uncovered.

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