Disappointing offshore amnesty 'prompts HMRC action'

The adviser firm says HMRC has targeted a further 150 financial institutions for customer details after falling significantly short of the billions of pounds it was expecting to recover from its first amnesty. Earlier this year, following requests for information from high street banks, HMRC offered a short window of opportunity – the Offshore Disclosure Initiative - for taxpayers to disclose information left off their tax returns. The carrot for taxpayers to come forward was that if they provided information by 22 June and go on to pay any tax due in full by 26 November, they will not be...