Amnesty for offshore savers

Category: Offshore savings
Date: 5/22/2009

Offshore savers have been urged to declare any outstanding funds in offshore accounts as the HM Revenue & Customs (HMRC) seeks to recover over £2 billion.

Savers are being advised to declare any unpaid liabilities to minimise costs and lessen the likelihood of legal action in an amnesty called a New Disclosure Opportunity, which is to begin in the autumn and will run to March 2010.

Account holders will be offered lower than normal penalties for coming forward.

The recommendation comes as HMRC seeks to access the details of UK resident customers with offshore bank accounts at more than 500 UK and foreign banks and building societies.

Stephen Camm, tax partner at PricewaterhouseCoopers, said now is a critical time for anybody with undeclared offshore assets or funds to come clean if they are to minimise the costs and other consequences of their mistakes.

Mr Camm said it would be the HMRC's second and final amnesty.

"There will be no more chances," he warned.