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Offshore accounts - another amnesty?

HM Revenue & Customs have announced that they will offer another “amnesty” to UK taxpayers who failed to disclose offshore bank accounts under last year’s facility.

The 2007 “amnesty” was a limited success; although it has raised around £400 million to date, the original expectation was for a much higher figure. The Revenue have decided, therefore, to offer taxpayers a further chance to disclose details and suffer a far lower penalty than they might otherwise pay.

Details are sparse at the moment; we will provide further information when it becomes available but would be happy to discuss this matter if you feel it may be relevant to you.

 

 

Date: 18th November, 2008
Author: David Mansell

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