Last-chance tax amnesty before criminal proceedings begin

In recent months there has been mounting speculation that HMRC would launch a second initiative. It has recently announced an aggressive drive with worldwide tax authorities to clamp down on perceived tax evasion. However, receipt of a large amount of quality information from overseas banks has not as yet been turned into additional tax for the Treasury, possibly due to resource issues at HMRC, according to business advisory firm Baker Tilly. The first amnesty raised about £400m. However, armed with further bank account details from jurisdictions such as Liechtenstein, HMRC will be hoping...