TaxPersonal TaxSecond amnesty plan expected in Budget

Second amnesty plan expected in Budget

Speculation mounts over Spring offshore disclosure facility

HM Revenue and Customs has learnt from its first tax amnesty in 2007 and will
be referring to the second amnesty as the ‘New Disclosure Opportunity’,
according to mid-tier firm RSM Bentley Jennison.

The firm expects details of the second amnesty to be part of tomorrow’s
Budget announcements.

‘[The first amnesty] unwittingly gave the impression that it related only to
funds held in offshore bank accounts’, said Gary Brothers, head of tax
investigations at RSM Bentley Jennison.

According to Brothers, HMRC wants all taxpayers to know that this opportunity
covers all cases of tax evasion and not just those related to offshore
activities.

Further Reading:

HMRC
plans separate Liechtenstein amnesty

Bigger
amnesty penalty will deter disclosure

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