Revenue offers second amnesty on offshore funds

High-street bank customers will be offered a "second chance" to own up to secret offshore accounts as Revenue & Customs steps up its efforts to flush out tax evaders. But customers of Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group who come forward during an "amnesty" later this year will be offered harsher terms than those who use other banks. They face a penalty of 20 per cent of the tax due, double that afforded other investors, on the grounds they were told about a 2007 amnesty after a tribunal forced their banks to hand over account details. But there is still an incentive to own up because penalties of 30 per cent could be imposed once the Revenue catches them.

Source : Financial Times page 2 - 26.06.09

Comment from our Tax Specialist Geoff Hill

“People who find themselves in this situation should take immediate action. We have in depth experience handling such issues and would be pleased to help should you find yourself affected by the offshore disclosures"

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