TaxPersonal TaxHMRC backtracks on second tax amnesty

HMRC backtracks on second tax amnesty

Taxpayers should not bank on another tax amnesty, says the taxman, despite saying last week that it wanted another facility for individuals to make disclosures

dave hartnett

The taxman has apparently backtracked on plans to introduce a second ‘tax
amnesty’ known as the offshore disclosure facility, according to reports.

Just days after HM Revenue & Customs’ head of tax policy Dave Hartnett
told Accountancy Age that the
taxman would try to do something similar to its first tax amnesty, he said today
that bank customers should not count on another facility along the lines of the
first one.

But according to reports in the FT today, a final decision has not
yet been made, as HMRC is concerned about giving another chance to those that
should have known about the first amnesty.

On
Accountancy
Age TV
last week Hartnett said that the taxman wanted to offer
‘something similar’ to the first amnesty, ‘on the principle that a repentant
sinner coming forward is what we want’.

The first amnesty offered individuals the chance to make a tax disclosure
that included full repayment plus interest and a 10% penalty – although the
taxman reserved the right to prosecute and the cap was informal.

Further reading:

View
Hartnett’s interview at Accountancy Age TV

Read Accountancy Age’s
story

Read
the FT’s story

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