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HMRC say they are ‘very pleased’ with the progress of their new disclosure opportunity, having received almost 10,000 registrations by the 4 January deadline.
The number of applicants was in part due to a 'big, last-minute surge,' according to a Revenue spokesperson.
The cut-off point of the department’s so-called offshore tax amnesty was originally set at 30 November, but it was extended shortly before the scheduled date. Participating taxpayers now have until 12 March to submit their financial details to HMRC.
Earlier this week, the department's permanent secretary for tax, Dave Hartnett, was reported to say that investigations into those who failed to sign up for the NDO will begin at the end of March.
The tax investigations team at PricewaterhouseCoopers yesterday (5 Jan) suggested that 13,000 individuals had registered for the NDO. The accountancy giant was criticised by tax experts in the spring for being overly optimistic in its forecast that the new disclosure opportunity will raise £2 billion.
HMRC’s other offshore tax initiative, the Liechtenstein Disclosure Facility (LDF), the terms of which are more lenient than those of the NDO, is ongoing and has so far received ‘a couple of hundred’ applicants, according to the department.
Similar deals are expected to be offered by the Revenue in the near future. On Monday (4 Jan), Baker Tilly predicted that medical consultants would be the next subject of a tax 'amnesty'.
