HM Revenue & Customs is to implement a New Disclosure Opportunity to give those who hold offshore bank accounts a chance to declare interest on them before they are hit with a 100% penalty. This time it will also apply to non-offshore funds as well. For those who were not invited to disclose interest on accounts in the previous Offshore Disclosure Facility, the penalty should be a flat rate 10% - in line with the previous amnesty, which was offered to customers of the Big Five banks. This autumn's NDF is aimed at customers of all the other banks and deposit takers, and only these people will be able to take advantage of the 10% fixed penalty regime for full disclosure. A spokesman for HMRC told the BBC: 'They will only receive beneficial terms if they make a full disclosure and if that includes other non-offshore funds, then the terms of the new disclosure opportunity will apply to the other funds as well.' The Chartered Institute of Taxation is working closely with HMRC to ensure that the NDO works 'effectively and efficiently as possible', but it has a number of concerns regarding the initial proposals. Gary Ashford, chairman of the CIOT's Management of Taxes Sub-committee, said: 'Those people who have not declared offshore income have evaded tax and we do not condone tax evasion in any way. However, it makes every sense to help such people regularise their tax affairs, particularly as many will have fallen foul of the law through mistake or misunderstanding.'