There is currently no end date for this campaign but taxpayers that make a disclosure will have four months to calculate what they owe and to make a payment to HMRC. Making a disclosure to HMRC as part of the campaign will allow taxpayers to take advantage of the best possible terms.
HMRC will continue to focus on non-compliant taxpayers who chose not to take up the opportunity to avail of the campaign. HMRC may formally investigate taxpayers that did not come forward under the disclosure facility or who HMRC believes have made an incomplete disclosure.
Taxpayers that are targeted by HMRC could face penalties as high as 100% of the additional tax due (200% for offshore related income) and there is also the risk that HMRC may carry out a criminal investigation.