UK Tax Amnesty raises £400 million – so far

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The Times has reported that:

HM Revenue & Customs has clawed back £400 million from people with offshore bank accounts after it granted a partial amnesty.

The holders of about 45,000 offshore accounts, many of which are in tax havens such as Guernsey and Jersey, owned up to unpaid tax bills before the November 26 deadline, thus capping their fines at 10 per cent. The largest single payment amounted to £3 million, with the average being £9,000.

And what have the critics said? That:

this is a far cry from the £1.75 billion that HMRC estimated it was owed by customers of up to seven high street banks that were forced to hand over account details.

I don't agree. This the start. These were the easy pickings. There are 150 banks still to tackle - and they're likely to have been used by the more sophisticated (or shall we say 'dubious' players). In addition, the big money has probably gambled on not declaring.

This is a good start of a programme which I think a massive success for HMRC.