Disclosure of offshore accounts
The Government has announced that HMRC will be giving offshore
account holders a new opportunity in 2009 to disclose, of their own
accord, if they have unpaid tax or duties and to settle debts. A
further announcement will be made in early 2009.
Our view
This follows on from last year's initiative apparently recovered around
£400 million in unpaid taxes at a cost to the Exchequer of just £6.5 million.