The seriousness of the New Disclosure Opportunity, aimed at investors with offshore accounts who hold unpaid tax liabilities, is highlighted by HM Revenue & Customs' threat of prosecution if people fail to own up. Speaking about penalties in an HMRC podcast, Dave Hartnett, HMRC's permanent secretary for tax said they will be 'much higher than 10% or 20%' for those who don't take the opportunity to disclose. Those who impart information using the NDO will receive a capped penalty of 10% and 20% for those who failed to do so during 2007's Offshore Disclosure Facility. Hartnett added: 'This time, we are going to have information from the majority of banks operating in the United Kingdom. So, we're going to have a much bigger database from which to work'. A podcast on the NDO is available to listen to on the HMRC website.