HMRC Offshore Amnesty Deja Vu

H M Revenue and Customs (HMRC) is apparently looking to offer another amnesty to those people that have not already disclosed offshore assets.  

The first amnesty has apparently not been as successful as predicted, with millions rather than billions being collected.  Whilst a last minute rush to pay tax is expected, the expectation is much lower than anticipated.  

H M Revenue and Customs (HMRC) has made it perfectly clear they intend to make examples out of those that avoid tax but it seems they would rather people use the amnesty to make disclosures.  

Our view

We are not sure why this deadline has been extended.  Is it because they cannot cope with the numbers that have not 'come clean' or it is because they have made so much money with people coming clean, that they believe it is worth another extension to get the last few stragglers in?  We guess we will never know.

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