HMRC backtracks on second tax amnesty

The taxman has apparently backtracked on plans to introduce a second 'tax amnesty' known as the offshore disclosure facility, according to reports.

Just days after HM Revenue & Customs' head of tax policy Dave Hartnett told Accountancy Age that the taxman would try to do something similar to its first tax amnesty, he said today that bank customers should not count on another facility along the lines of the first one.

But according to reports in the FT today, a final decision has not yet been made, as HMRC is concerned about giving another chance to those that should have known about the first amnesty.

On Accountancy Age TV last week Hartnett said that the taxman wanted to offer 'something similar' to the first amnesty, 'on the principle that a repentant sinner coming forward is what we want'.

The first amnesty offered individuals the chance to make a tax disclosure that included full repayment plus interest and a 10% penalty – although the taxman reserved the right to prosecute and the cap was informal.

Further reading:

View Hartnett's interview at Accountancy Age TV

Read Accountancy Age's story

Read the FT's story