UK resident taxpayers with offshore investments are being given more time to declare them under the UK’s New Disclosure Opportunity (NDO).

Originally scheduled to finish at the end of November, the deadline for NDO notifications has been extended until to 4 January 2010.

It is the last such opportunity for UK taxpayers to obtain favourable terms when they inform the UK tax authorities about offshore assets and income that they have not disclosed in the past.

The UK tax authorities are still obtaining information from 308 banks in the UK about their offshore account holders, which will be used to ensure that everyone pays the right tax in the UK.

Darren Anton, International Tax Manager at STM Fidecs in Gibraltar, suggests that, “individuals should review their affairs to see if they should take advantage of this NDO and the extended deadline”.

Dave Hartnett, HMRC’s Permanent Secretary for Tax, said “I strongly urge anyone who has been hiding taxable assets offshore to go on line and register.

“The NDO is voluntary but from the start of the New Year we will begin to investigate those who were eligible to use the NDO but instead buried their heads in the sand.

“This is a great way to start the New Year – with the knowledge that your tax affairs are in order and the certainty that the penalty will be capped.”