Alistair Darling has revealed a new tax amnesty inviting holders of offshore accounts to disclose any unpaid tax and settle up or face repercussions.
The new Disclosure Opportunity will run until March 2010 and is designed to allow holders of offshore accounts an opportunity to voluntarily disclose any unpaid tax or duties and to settle debts, according to the Budget.
"HMRC will pursue those who do not disclose," it warns
The Revenue will issue notices requiring financial institutions to provide information about offshore account holders.
In its mission to tackle evasion and challenge tax avoidance, HMRC claims changes to the framework and its powers, will raise over £1bn between 2009-2010 and protect a further £3bn of tax receipts annually by 2010-2011 from tax evasion and avoidance.
The Budget Report says: "Offshore accounts are being used by some to shield undeclared taxable income.
"Tax evasion and avoidance undermine fiscal sustainability, damage the delivery of policy objectives, impose significant costs on society and shift a greater tax burden on to ordinary taxpayers."IFAonline
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