CIOT welcomes extension of offshore amnesty

Today's announcement by HM Revenue and Customs (HMRC) that the deadline for the ‘New Disclosure Opportunity' is being extended has been welcomed by the Chartered Institute of Taxation (CIOT).

Instead of 30 November 2009, taxpayers wishing to use the NDO will have until 4 January 2010.

Gary Ashford, Chairman of the CIOT's Management of Taxes Sub-Committee, said: "This is a sensible and realistic move which recognises the lack of time under the original deadlines. As we envisaged, there hasn't been enough time to sort out all the information from the various banks.

"The new deadline should work, even if it might mean an uncomfortable Christmas for some taxpayers."