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Harsher penalties ahead for offshore savers as HMRC plans second amnesty

20 February, 2009

People hiding their savings in offshore accounts could be hit even harder by the 2nd tax amnesty as tougher penalties are planned by the HMRC.

The amnesty, which the HMRC calls an ‘offshore disclosure facility’, will offer taxpayers a reduced penalty for voluntary disclosure of bank accounts held in offshore jurisdictions.

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