How does this relate to the offshore amnesty?

HMRC forced banks and building societies to hand over information about UK taxpayers with potential undeclared income in offshore bank accounts.

Other third-party companies are now also obliged to disclose such details.

The initial offshore amnesty; the offshore disclosure facility (ODF) ran from April 2007 to June 2007 and, as a result of this opportunity, around 40,000 UK taxpayers volunteered information raising £400 million in tax.

A second amnesty; the new disclosure facility (NDF) ran from September 2009 to January 2010. It is believed that only about 13,000 people are thought to have come forward during this amnesty.

Call KinsellaTax for more information on 0800 471 4546


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