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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Thursday, 12 November 2009
The Dead Duck
It seems that HMRC's New Disclosure Opportunity (NDO) has, so far, not been the rip roaring success that HMRC had forecast; despite Dave Hartnett's foray onto YouTube.
The NDO has not yet attracted the disclosure of significant numbers of undeclared offshore accounts, thus the original forecasts of it generating £500M-£1BN may well be rather wide of the mark.
Andrew Watt, managing director, tax disputes and investigations for accountancy firm Alvarez & Marsal Taxand, said:
"There is definitely a perception in some quarters that the NDO is a bit of a dead duck.
We may be a smaller organisation, but I know some of my colleagues in more well-known firms are finding the same thing."
However, the Liechtenstein Disclosure Facility (LDF) is proving to be more successful; as those who are eligible are transferring their offshore accounts to Liechtenstein and using the LDF, which attracts less harsh HMRC penalties.
Tax does have to be taxing.
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