SPEED READ HMRC has launched a number of initiatives over the last three years, variously described as ‘opportunities’ or ‘facilities’ and in turn these have been reported to be ‘amnesties’. Each initiative has required the payment of the tax due, plus interest and a flat-rate penalty. The only real incentives being offered are the reduced penalty and the (more or less) guaranteed immunity from prosecution. Outside of the UK, other jurisdictions have been tackling tax evasion with tax amnesties and criminal prosecutions. HMRC has so far, unlike its international counterparts, been reluctant to follow amnesties with prosecutions. Despite the criticism directed at HMRC by some, the various initiatives have brought in around £1 billion for the Exchequer without the timescale, workload or man-power that Code of Practice 8 or 9 disclosures involve. But HMRC recognises that its initiatives have not yet uncovered significant numbers of non-compliant individuals in the UK.
