HMRC announces amnesty for offshore account holders

For a limited time, people who have failed to pay tax due on money deposited into offshore accounts, and interest earned from them, will be able to use its newly created Offshore Disclosure Facility. By making a full disclosure of all undeclared liabilities, penalties will be restricted to 10%. Usually, they could be up to 100%. Under the terms, HMRC must be notified of an intention to make a disclosure 22 June, and all taxes, duties, interest and penalties must be paid by 26 November. Steve Besford, head of tax investigations at tax specialists Chiltern, said: "This is a really canny mov...