 PKF welcomes overdue announcement on second ODF, but disappointed in lack of detail
22 April 2009: John Cassidy, Tax Investigations Partner at PKF Accountants & business advisers welcomes the long overdue announcement in the Budget about the second Offshore Disclosure Facility (ODF), but says there is a serious lack of detail.
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 | John said, “We welcome today’s announcement of a new facility for holders of offshore accounts to voluntarily disclose undeclared tax liabilities. As well as adding to the Treasury’s funds, this will enable holders of these accounts to properly square matters with HM Revenue & Customs (HMRC) and get their affairs back in order. |
“However, what is disappointing is that the announcement of this facility was made in last year’s Pre Budget Report on 24 November. Now, some 5 months later, the same announcement is being made again with the only addition being that it will run from Autumn 2009 until March 2010. Despite being long awaited, there are no details of the workings of the disclosure facility – such as the level of penalty to be applied – whatsoever.”
John continues, ”At the same time, HMRC is still gathering data concerning offshore account holders by seeking to issue notices to offshore financial institutions, forcing them to provide various data about their customers. No doubt this will be used against those who do not take advantage of the new disclosure facility. “
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For further information please contact:
Jane Murray, PR Executive, 020 7065 0135, jane.murray@uk.pkf.com
For general enquiries please contact our switchboard on 0207 065 0000
Notes to Editors:
- PKF is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk.
- PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.
- PKF (UK) LLP is a member firm of the PKF International Limited network of legally independent firms. The PKF International Limited network has more than 14,650 people operating in 119 countries around the world.
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