Taxing matters

Everyone will remember the amnesty a couple of years ago where people were encouraged to disclose unreported income and accept to a mitigated penalty. Her Majesty’s Revenue & Customs (HMRC) did not like it being called an amnesty. It preferred the term “offshore disclosure facility”. Those who failed to disclose under this amnesty were going to be subject to investigations which would be “intrusive and thorough”. Well, nearly. In the Budget, Mr Darling announced that those who did not come clean before will be given another opportunity to do so—I wonder what happened to all the intrusive and thorough stuff. All they now say is that they “will pursue those who do not disclose”.

Details of the new amnesty have now been announced—this one is called the New Disclosure Opportunity. You have to smile. Picture the scene. Man in balaclava goes into bank and says to cashier: “See this gun? I would like to allow you an opportunity ….” Anyway, this new amnesty