This is the second time in recent years that Her Majesty’s Revenue and Customs has announced an offshore tax ‘amnesty’, which promises reduced penalties for anyone who comes forward to declare unpaid tax.
Jason Laity, tax partner at KPMG Channel Islands, said: ‘This has been anticipated for some time, but we do believe that it provides an excellent opportunity to voluntarily disclose details of unpaid tax connected to offshore accounts or structures.
‘It is important to recognise that it is not just UK residents with offshore bank accounts who can benefit from the new disclosure opportunity – in fact, any person with a UK tax liability connected to an offshore structure can use it.’
The latest initiative is seen as an increasing international move towards tax transparency which was brought to a head in April at the last G20 summit.
