New Disclosure Opportunity

slinga

Bit worried about this.
Read the stuff on HM's site.
Done a calculation but have no tax to pay.

1. Do I need to disclose?

2. The gain was CGT on some UTs which as I say didn't involve an amount large enough to tax.
I still hold some UTs in an offshore thingy in the IoM.
Do I need to disclose this.

I only picked up on this NDO when I was reading a report on the Chancellor's PBR. The NDO was there when I first read it in the Telegraph but when I later went to read again it appeared to have been dropped. Didn't see it in any other paper but this morning thought I'd better check the HM Revenue site.

Hoping for some guidance from you lot and thanks in advance.

fengirl_2

If you have no tax to pay, you have no responsibility to notify.

stateless

fengirl wrote: »

If you have no tax to pay, you have no responsibility to notify.

Does the same apply if a persons income is below the personal allowance for the year?

fengirl_2

Yes, of course. There is no point in clogging up the tax system with non-taxpayers.
Although if you are issued a self assessment, it does need to be completed, even if you have no liability.

slinga

fengirl wrote: »

If you have no tax to pay, you have no responsibility to notify.

Thanks.

I thought this was the case for CGT generally but want to know if it is true for a new disclosure of UTs held offshore.

And do I have to disclose my offshore UTs?????

slinga

Is there another forum where I might get further answer(s)

fengirl_2

I am not sure what else you want to know. If you are liable to tax from any sort of income, then you have a duty to notify HMRC. It therefore follows that if you are not liable to tax, or if all tax has been paid at source, then yu dont need to notify.

slinga

Thanks to fengirl and jimmo.

As I'm very careful not to do anything which might upset IR I wanted to be certain especially as this NDO thing is new to me and probably new to most people who might be effected.

No good in a couple of years if asked by the IR why I didn't disclose to revert back to a post on a web forum site.

OK so disclose I hear you say.

But I too don't like clogging up the system.
I'd rather clog up a website.:cool::o

Having read the IR info on NDOs I was still uncertain if I had to disclose whether or not tax is due.
And I'm still uncertain.

mrkbrrws

Read the Introduction on Page 3 of this:
https://ndo.hmrc.gov.uk/ndo/NDOguidance.pdf

"There is nothing wrong with holding an offshore account or owning an

offshore asset as long as you have paid any taxes due on the capital
invested and on any interest arising on the account or on any income
received relating to the asset. If you have done this you have nothing to

disclose to HMRC and do not need to use the New Disclosure Opportunity."

And also from https://ndo.hmrc.gov.uk/ndo/index.jsp

"HMRC is introducing NDO as the final opportunity for those account holders with tax to pay to get their affairs up to date with the benefit of a fixed penalty."

slinga

Thanks mrkbrrws.

Obviously I missed that even though I read it a few times.

This thread is now closed.

Move along there, nothing to see.

Cook_County

If these were foreign unit trusts then it is quite likely there is a taxable offshore income gain so CGT is not the relvant tax, rather it would be income tax so the NDO may well be a positive way to declare these.