Please use the UK tax amnesty, now

Posted on

It seems that remarkably few of the 400,000 or so people who it is known have received letters from banks and HM Revenue & Customs about their offshore bank accounts have decided to own up to unpaid tax.

I can only repeat what KPMG have to say on this:

It's difficult to fathom why so few people have so far come forward to register for the ODF. It may be that there is a 'herd' mentality operating here and people are under the impression that there is safety in numbers - if they hide in the crowd HMRC won't be able to get them - or they believe they are 'small fry' (even when quite large sums of money are involved) and, as such, HMRC won't be interested in them. Failing to step forward is a very dangerous gamble. HMRC will work through the list and the vast majority on it can expect to be contacted sooner or later.

On this occassion I'm at one with KPMG.

Please confess by 22 June. You're doing yourself a favour.