UK offshore tax amnesty may return for a third time

Some accountants and tax advisors, criticising the timing of the UK Treasury’s second offshore tax amnesty, believe a third amnesty may have to be launched.

Some accountants and tax advisors, criticising the timing of the UK Treasury’s second offshore tax amnesty, believe a third amnesty may have to be launched.

Mike Down, chairman of the tax risk and investigations management group at Baker Tilly, wouldn’t be surprised if HMRC were to announce a third amnesty, saying, “It’ll be a bit like a Status Quo tour -you’ll get one every year.”

Experts like Down, quoted by Accountancy Age, claim the new amnesty, officially termed a New Disclosure Opportunity (NDO), comes at a bad time and will put a ‘huge strain’ on tax advisers as it coincides with key tax-year dates.

The Budget consultation paper revealed the second amnesty will run until March 2010 but did not specify when the disclosure would commence. Many observers have speculated it would need to launch in the autumn to allow sufficient time for taxpayers to voluntarily disclose.

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