Baker Tilly warns on terms of second HMRC amnesty

HM Revenue & Customs (HMRC) is poised to launch a second 'amnesty' to encourage tax evaders to settle up. Business advisory firm Baker Tilly has warned the terms are likely to be stiffer than those of last year's Offshore Disclosure Facility when up to 20 years' back taxes, plus interest and a 10% penalty were paid. Baker Tilly believes the penalty will be at 30% or more and those who fail to approach HMRC voluntarily will risk criminal proceedings.