Compliance Proposals

• Offshore Disclosure
  The Chancellor has announced a New Disclosure Opportunity for UK residents with unpaid tax connected to an offshore account. The NDO will run from the autumn 2009 for a limited period to give the offshore account holders one final opportunity to disclose, and put their affairs in order. Customers taking up this opportunity will be expected to pay the duties they owe, interest and a penalty. The level of penalty will be publicised before the scheme opens and for those eligible to take part it is likely to be lower than the level they can expect to pay under normal rulers.
• Tax avoidance disclosure regime hallmarks
  These are to be revised and extended.
• Tax agent consultation
  There will be consultation on working with tax agents, as part of HMRC’s work to modernise its powers, deterrents and the accompanying safeguards. The consultation focuses on the small number within the tax agent community whose work falls below a professional standard. The aim of this consultation is to raise issues and ask questions rather than propose definite solutions.
• Close monitoring of serious tax defaulters
  The Chancellor has announced that those who incur a penalty for deliberate evasion in respect of tax of £5,000 or more will be required to submit returns for up to the following 5 years showing more detailed business accounts information and detailing the nature and value of any balancing adjustments within the accounts.
• Publishing names of serious tax defaulters on HMRC Internet
  The Chancellor has announced that the names and details of serious tax defaulters will be published in certain circumstances. More information is available in Budget Note 63
• Avoidance of living accommodation benefit charge
  This measure ensures that all employees pay the correct tax and national insurance where a new lease is entered into for living accommodation provided by reason of their employment. More information is available in Budget Note 56.