Some 45,000 UK holders of offshore bank accounts have voluntarily disclosed previously undeclared tax liabilities under the partial amnesty offered by HM Revenue & Customs. A total of £400 million was paid into the Treasury by the 26 November deadline, as taxpayers sought to take advantage of the 10 per cent penalty cap incentive. The largest payment was £3 million while the average was £9,000. The total is far short of the £1.75 billion that the Revenue initially estimated was owed by customers of five high street banks, which were obliged by legal rulings to hand over their offshore account details. But the total amount paid in could increase to £500 million when payments by individuals of particularly large and complex offshore holdings – who have been given extra time to make their payments – finally settled their unpaid tax bills. The offshore disclosure initiative was principally directed at about 100,000 customers of the five high street banks, although it was open to anyone with undeclared onshore or offshore tax. HMRC is now considering whether it should offer a similar cap to customers of 170 further banks, after it obtains court orders compelling disclosure of offshore account information.