Offshore tax amnesty deadline looms

The deadline for the first step in taking advantage of the HMRC offshore tax 'amnesty' is 22 June 2007, and people with undeclared tax liabilities on interest from non-UK banks will now be thinking about whether or not to make a disclosure to take advantage of the opportunity to pay only the tax, interest and a low penalty of 10% of the tax due. People particularly likely to make a prompt disclosure are those whose UK banks have told them that a disclosure in respect of a foreign bank account has already been made by them. Waiting to be investigated rather than volunteering to pay the tax...