The FT reports that 10,000 people have now registered under the UK 'tax amnesty' and 50,000 have downloaded the forms.
Last week I agreed with KPMG on this issue. Today it's the turn of PWC, as quoted in the FT:
Tax experts believe that the Revenue is likely to target high- profile cases after the amnesty, although this has been firmly denied by the government. "Those in certain professions such as accountants, solicitors, or MPs are likely to be targeted," says Stephen Camm at PricewaterhouseCoopers. "The Revenue may well have already selected those people and will be waiting to see whether they disclose their accounts in the next week."
The Revenue is able to gain information from UK financial institutions with links to offshore accounts. It has already received data on offshore accounts from high street banks such as HSBC and Barclays, and will go beyond these to smaller institutions.
"There are lots of ways in which offshore accounts leave footprints in the UK," says Camm. "It may take years but the Revenue will uncover them."
The last point is not completely true yet. But I'm working on it.