ANOTHER opportunity for offshore account holders to make disclosures to HMRC in a second UK tax amnesty is fast approaching.

It comes as Labour MP Stephen Timms, financial secretary to the Treasury in the UK, has recently started dropping further hints since the issuing of the pre-Budget report in November that a second offshore disclosure facility is on its way.

‘We expect it to be very soon,’ said KPMG tax director Tony Mancini (pictured).

‘From what my colleagues in the UK are telling me it could be weeks, if not a matter of days.’

The first amnesty, launched in April 2007, recovered around £400m. in unpaid revenue and enabled investors with offshore bank accounts to disclose tax due on income and gains not previously included in their UK tax returns without the need for a detailed investigation into their tax affairs.

Those who made a full disclosure and paid the amount due before the deadline at the end of 2007 took advantage of a fixed 10% penalty – otherwise individuals could have faced possible penalties of 30-40% or in the most extreme cases of up to the maximum 100%.

Mr Mancini said it would be in the interests of all trust companies and wealth managers to talk to their clients and if they feel they have something to disclose to do so.