Website of the UK government

New Disclosure Opportunity (NDO)

The NDO gives people who have offshore investments an opportunity to put their affairs in order at a favourable penalty rate of 10 per cent. To take advantage of this, taxpayers must disclose online and pay the full amount due, including the penalty, by 12 March 2010.

Only people who notified their intention to disclose to HMRC by 4 January 2010 may take advantage of the NDO. Over the next few days HMRC will be writing to those who have notified, to remind them to make a full disclosure and payment.

Once the scheme’s doors are closed, those found to have undisclosed offshore assets will be subject to:

• full tax investigation
• penalties of up to 100 per cent
• possible criminal prosecution in the most serious cases

HMRC has issued statutory notices to over 300 banks in the UK requiring them to provide relevant information about customers with offshore accounts. This information is starting to come in and it will be used to ensure that everyone pays the right tax. 

Permanent Secretary for Tax Dave Hartnett said: "Taxpayers with offshore investments who have notified us of their intention to disclose have done the right thing, saving themselves 90 per cent of the potential penalties for failing to disclose. They now need to follow through by making their disclosure online and paying in full all the taxes they owe."

• New Disclosure Opportunity (NDO) Opens new window

• Download the NDO guidance (PDF, 80 K) Opens new window

• Download the NDO FAQs (PDF, 140 K) Opens new window

• Help with PDF files

Further information

• Money, tax and benefits

• Tax on foreign savings and investment income

• Tax on overseas property lettings