The UK tax authorities have announced an Offshore Disclosure Facility - a tax amnesty - enabling investors with offshore accounts to disclose to them any income and gains not previously included in their tax returns. HM Revenue and Customs say they have recently obtained information about holders of offshore accounts from a number of banks and through the European Union Savings Tax Directive: the banks in question are thought to be Barclays, HSBC, HBOS, Royal Bank of Scotland and Lloyds TSB. The facility is open to those who hold or have held an offshore account, either directly or indirectly, that is in any way connected to a loss of UK tax and/or duty. For a limited period, taxpayers can come forward and make a full disclosure of all undeclared liabilities, not just those connected with an offshore account. Full details of how it operates are in today’s special WealthBriefing feature. HMRC have warned that at the end of the notification period they will target those with offshore bank accounts and undeclared tax liabilities who have not come forward.