'500 banks could be targeted' in offshore tax amnesty

Up to 500 financial institutions could be targeted by HM Revenue & Customs (HMRC) as part of its latest offshore tax 'amnesty' drive, according to recent reports.

HMRC announced last October that it would be conducting a second amnesty, allowing tens of thousands of taxpayers the opportunity to pay a reduced penalty by disclosing offshore bank accounts using their offshore disclosure facility.

Prime Minister Gordon Brown recently announced that he intends to spearhead a global crackdown on regulatory and tax havens.

The previous amnesty conducted by HMRC in 2007 targeted the five major UK high street banks, and penalties were capped at 10% of the outstanding tax owed plus interest.

Some experts believe that the second amnesty could involve tougher penalties.

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