Gibraltar – HMRC - New Disclosure Opportunity

Introduction

In 2007, as a result of HMRC receiving information from five major UK banks with offshore subsidiaries, HMRC offered an Offshore Disclosure Facility ("ODF") which was designed to allow those people holding offshore accounts to declare those accounts and put their tax affairs in order. However, due to lack of publicity only 45,000 of the estimated 55,000 people targeted by the ODF made a disclosure. This fact, coupled, with HMRC gathering information from another 117 banks around the world has led them to offer a New Disclosure Opportunity ("NDO"). HMRC has made clear in its literature that this is the last chance people with offshore accounts will have to make a disclosure.