HMRC offers amnesty for illegal funds

By Simon Read HM Revenue & Customs (HMRC) could offer an amnesty for people with undeclared money hidden in offshore accounts, according to reports. The tax agency has refused to confirm the amnesty, but revealed there are ongoing discussions with banks and accountants looking at ways to encourage people with offshore accounts to volunteer information about their untaxed income. It is estimated there is as much as £180bn stashed by Brits in offshore accounts but HMRC has been taking an increasingly tough approach to the situation. It won a landmark legal victory against Barclays Bank la...