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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