The UK tax authority is granting citizens a second tax amnesty designed to recover revenues from offshore and onshore accounts, as part of a move to bolster heavily depleted state coffers.

The amnesty – which follows a similar move last year – will apply both to offshore account holders but also to any taxpayer coming clean on undisclosed funds, a move that Saffery Champness, the chartered accountants, say is an opportunity that people should not turn down.

“This is a very significant announcement from HMRC. The reported extension of the amnesty to all taxpayers is an unexpected but understandable step,” said Ronnie Ludwig, partner in the private wealth group at Saffery Champness.

“New figures have shown that because of the recession, the tax take from higher rate taxpayers will plummet by £15.9 billion ($24.5 billion) in the 2009/2010 tax year. HMRC is desperate to fill this black hole and a broad amnesty could achieve that,” he continued.

HM Revenue & Customs has said its amnesty, known as the New Disclosure Opportunity, starts in the autumn of this year. Some reports estimate that up to £2 billion in revenue could be recovered, according to PricewaterhouseCoopers.

Governments in the UK and elsewhere are trying to catch tax evaders in a bid to fill their depleted state coffers. Critics say the UK government, which has proposed a new, top-rate income tax band of 50 per cent on people earning £150,000 or more, will simply encourage more people in this income bracket to leave the country, or try to avoid paying tax.

“Taxpayers with undisclosed funds would be well advised to take advantage of the amnesty when it is launched in the autumn,” Mr Ludwig said.

He said the government will limit penalties on those who declare undisclosed assets to 10 per cent of tax due, which Mr Ludwig said is “as good as it is going to get”. He warned that after the close of the amnesty, potential penalties will skyrocket to 100 per cent of tax due.