PwC to advise clients to take amnesty offer

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.

, 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

‘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

‘Offshore HMRC initiative to net ?5bn’

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