HMRC offshore tax amnesty

A legal ruling last year allowed HMRC to force UK banks to disclose details of customers’ offshore accounts in an effort to recoup revenue from individuals with offshore assets who had not paid tax in full on the interest generated. Barclays was the first bank involved and it estimated that 20,000 accounts would be involved with up to £1.5bn being raised by the Revenue. However, the Revenue has now offered investors with offshore accounts the chance to give details voluntarily rather than have them disclosed through banks. While penalties of up to 100pc can be applied if tax evas...