TaxAdministrationOffshore account holders offered tax deal

Offshore account holders offered tax deal

Taxman offers British investors a second chance to come clean about money hidden in offshore accounts

Thousands of British investors with up to £3bn stashed in secret
Liechtenstein bank accounts will be asked to come forward voluntarily under a
deal to be negotiated next week that could be the first of many worldwide, the
Financial Times reported.

Lawyers said the Liechtenstein plan, discussed behind closed doors with the
Paris-based Organisation for Economic Co-operation and Development, could serve
as an international model for other tax havens seeking to avoid an OECD
blacklist, according to the newspaper.

The offer is part of a planned second partial amnesty by HM Revenue &
Customs offering taxpayers the chance to come clean about money hidden in
offshore bank accounts in return for limited penalties.

The first tax amnesty in 2007 raised about £400m from UK holders of
undeclared offshore bank accounts.

Further reading:

Trusts
and partnerships targeted as banks put on notice of amnesty

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