TaxPersonal Tax£2bn haul expected from new tax amnesty

£2bn haul expected from new tax amnesty

PwC predicts a £2bn haul from HMRC's second tax amnesty

The taxman could be looking to recoup £2bn in unpaid tax from offshore
savers, according to an estimate by PricewaterhouseCoopers.

HM Revenue & Customs’ second ‘tax amnesty’ will target around 500 UK and
foreign banks, with the taxman having recently won the right to access four
unnamed financial institutions to details of UK resident customers with offshore
accounts.

‘Using the estimate of tax lost in these new Special Commissioners’ decisions
and applying it across the population of 500 or so institutions that HMRC is
engaged with, it is estimated that HMRC will recover more than £2bn in unpaid
tax in this second and final amnesty,’ Stephen Camm, tax partner, PwC.

The amnesty, or New Disclosure Opportunity, will run until March 2010.

Further reading:

Exclusive: Taxman pursues blanket
bank disclosure notice

Second amnesty badly timed, say tax experts

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