Tax amnesty: not as good second time round

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Accountancy Age has reported:

The second tax amnesty for holders of offshore accounts will impose penalties significantly higher than the first scheme, Accountancy Age has learned, with experts expecting HM Revenue and Customs to treble the charge to 30% of the outstanding tax.

A source close to the planning of the amnesty said that it is ‘highly unlikely’ the same 10% penalty will apply to the second round of disclosures.

Quite right to.

They’ve had one chance.

The second can’t be as good or we will create perpetual ‘moral hazard’.