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HM Revenue and Customs (HMRC) has unveiled a new scheme to help tax dodgers settle up.
Investors who hide their gains in offshore bank accounts will be given amnesty under the scheme.
HMRC said there would be an amnesty for "all undeclared liabilities, not just those connected with an offshore account".
The aim is to encourage tax planning businessman to come forward voluntarily so that the HMRC has a smaller list of offending investors that it needs to track down and reckon with – saving it time and money.
Those who do come forward will still have to pay any outstanding tax planning costs and interest on offshore assets, but the penalty for nondisclosure would be capped at ten per cent of the tax balance instead of the previous maximum of 100 per cent.
Those who do not come forward, if caught, will pay at least 30 per cent of their total outstanding tax and interest.
Investors have until 22 June 2007 to notify the HMRC of their intention to disclose - after which time they have until 26 November to make the disclosure.
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