PwC to advise clients to take amnesty offer
Undisclosed offshore bank accounts will be discovered says firm
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
‘Offshore HMRC initiative to net ?5bn’