HMRC gives 'final chance' to offshore account holders

HM Revenue & Customs (HMRC) issued a stark new warning today to anyone who holds or has held an offshore account to disclose details of undeclared liabilities.

Investors have been told they have until 30 November to inform HMRC about their intention to disclose savings and thereby avoid penalties of up to 100% of the tax owed, and in some cases, prosecution and jail.

Full disclosure needs to be made by 12 March 2010. Those declaring will still need to pay interest and a 10% penalty fee.

Dave Hartnett, permanent secretary for tax, described the New Disclosure Opportunity as a "final chance".

"Here is a blunt message from HM Revenue & Customs: times have changed. If you are a UK-based investor with offshore accounts, you must declare them."