Reports continue to indicate that HM Revenue and Customs, the UK tax authorities, are about to offer at least a partial amnesty to UK taxpay...

Reports continue to indicate that HM Revenue and Customs, the UK tax authorities, are about to offer at least a partial amnesty to UK taxpayers holding undeclared offshore accounts. Although HMRC told WealthBriefing that this remained pure speculation, the details – such as the suggestion that the fines, back tax and interest might be capped at 10-25 per cent of the maximum – sound plausible. The HMRC spokesman did emphasise that taxpayers who come forward are always likely to be treated better than those who do not. If, as reported, HMRC have been making informal approaches to banks and accountancy firms, an announcement could follow within weeks. When HMRC compelled Barclays to disclose thousands of clients’ offshore account details in 2006, their estimate of the potential tax take was in the region of £1.5 billion ($2.9 billion).