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FT News - Markets
Wed, 10 Mar 2010 19:45:24 +0000
A revival of takeover speculation helped the FTSE 100 hit an 18-month high, but Inmarsat was left behind
Wed, 10 Mar 2010 19:08:03 +0000
The former chief executive of ITV is to take over as executive chairman as the music group, owned by private equity house Terra Firma, seeks to raise£120m in new funds
Wed, 10 Mar 2010 17:33:27 +0000
The planned global alliance between British Airways, American Airlines and Iberia moves closer to securing regulatory approval as European officials begin testing the concessions offered by the airlines
Wed, 10 Mar 2010 14:15:25 +0000
The UK banking group is looking at buying a large US retail bank as it tries to rebalance its business away from a booming investment banking franchise
Wed, 10 Mar 2010 00:49:24 +0000
The motor dealership moves to a profit on the back of a good performance from its parts and servicing division as consumers opted to refurbish old cars rather than buying new
New Disclosure Opportunity
HMRC have provided more details of the New Disclosure Opportunity (NDO) which is due to take place from 1 September 2009 to 12 March 2010. The NDO is for people with unpaid tax connected to offshore accounts and assets and will give the taxpayers one final opportunity to disclose.
To encourage taxpayers to disclose undeclared offshore income and gains, the penalty level has been set at 10%. HMRC hope that the low penalty will encourage taxpayers to come forward.
Although the NDO period runs until 12 March 2010 initial contact must be made to HMRC by 30 November 2009.
Dave Hartnett, HMRC Permanent Secretary for Tax, said:
“I know there are people who regret not taking advantage of our Offshore Disclosure Facility (ODF) in 2007 which focused primarily on the customers of five large banks. Now everybody who has not paid the tax they should in relation to offshore accounts or assets has this New Disclosure Opportunity to pay what they owe with penalties on more favourable terms than normal.”
“The procedure is simple and straightforward. Customers will be able to contact us on paper or through a dedicated area of our website. This will be the last opportunity of its kind.”
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