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Entries tagged “international accounts reporting”

UK Reporting of Undiscosed Foreign Accounts

insights UK Reporting of Undiscosed Foreign Accounts Yaacov P. Silberman · October 28, 2009

On September 1, 2009, the Government of the United Kingdom implemented the New Offshore Disclosure Opportunity (“NDO”). The NDO allows those individuals with unpaid UK taxes relating to previously undisclosed income and/or capital gains linked to offshore accounts and/or assets to settle related tax liabilities at a favorable 10% penalty rate.  Ordinarily, penalties are charged…

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