Take Advantage of Tax Amnesty

A ‘tax amnesty’ for people with undisclosed bank accounts in offshore tax havens ends at the end of May, warns the Daily Telegraph. Those who fess up before then will face lesser penalties, but the recent imprisonment of people on charges of tax fraud also sends the message that HMRC is steadily getting tougher on evaders.

HMRC has specific agreements with Switzerland, Lichtenstein, Guernsey, Jersey and the Isle of Man. Information-sharing agreements mean HMRC will be able to track down evaders more easily, so tax consultants advise coming clean before carrots are replaced.