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19 Apr 2007
PwC says it will advise its clients to take advantage of the one-off tax amnesty recently announced by HM Revenue & Customs.
The one-off offshore disclosure facility has been set up to enable people who have undisclosed offshore bank accounts to make them known voluntarily in return for reduced penalties.
Stephen Camm, tax partner at PricewaterhouseCoopers, who advises taxpayers to use this opportunity to ensure their tax affairs are in order, said: 'Taxpayers need to understand that if they have an undisclosed offshore bank account, it will be discovered.
'This opportunity for reduced penalties is very unlikely to be repeated. It is a chance for taxpayers to avoid much higher penalties than the fixed 10% penalty being sought here.’
Further reading:
Amnesty will apply onshore
Press reaction to HMRC's tax amnesty
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