HMRC could target offshore accounts in July

Last month HMRC announced an ‘amnesty’ for offshore account holders which gives individuals until 22 June to notify HMRC of their intention to disclose details of their account and any unpaid tax, with the penalty reduced to just 10% of the tax owed. Individuals then have until 26 November to submit their disclosure and payment to HMRC, however the Revenue has already warned it will take action against any account holders who fail to disclose their details, which will include full penalties and possibly even criminal proceedings. However, Chiltern says HMRC is planning to clampdown on u...