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New Disclosure Opportunity is now closed
The amnesty, which enabled taxpayers to disclose the fact that they held previously undisclosed off shore accounts to HMRC has now closed. Under the amnesty any fines were limited to 10% of the unpaid tax.
From 5 January 2010, fines increase to at least 30% and can hit 100% of the tax due. HMRC have said it will prosecute the most serious cases.
Stephen Timms, the financial secretary to the Treasury said: "The use of offshore accounts to evade UK tax is illegal. It deprives the UK of tax revenues to fund public services and is unfair to the majority of honest taxpayers who pay what they should".
Dave Hartnett, the Chancellor’s chief tax enforcer at HMRC, has said that from Tuesday 5 January his team of 20 inspectors will begin examining details of accounts obtained from over 300 banks with a base in the UK on which there was "significant tax to pay".
We would recommend that anybody who has not used the latest facility to disclose an offshore bank account to contact us as soon as possible. It may take HMRC a long time to catch up with you but there’s a feeling of inevitability in all of this.