BUDGET '09: HMRC in new clamp-down on offshore tax

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 receipt...