Second offshore amnesty "is no incentive"

Under the ODF, those who owed UK tax on offshore bank accounts could pay the tax, interest and a 10% penalty and avoid stronger penalties from HMRC at a later date. John Cassidy, tax investigations partner at PKF, said: “There would be no logic to setting the penalty for a second ODF at the same 10% level and still allowing those who ought to have come forward the first time to use the new facility. Where is the incentive to come forward now rather than wait until a later exercise? There is a serious danger that such exercises will stop being taken seriously if they happen every year witho...