A SECOND assault on savers with offshore accounts in Guernsey is unlikely to flush out tax evaders, according to Ernst & Young tax director Alison Vine (pictured).

She was sceptical that those people who had not come forward when the first amnesty was launched two years ago would declare their accounts this time.

‘I suspect that people who had a guilty conscience would have already come forward.

‘It was also widely advertised at the time. I’m sceptical about how much money it will raise.

‘There are probably a number of loopholes and evasion issues that the UK could tighten up at home before concentrating on offshore accounts,’ she said.

In 2007, HM Revenue and Customs raised £400m. by chasing savers who had failed to pay tax on offshore accounts held with five leading UK banks.

They have now extended the amnesty to look at people who have accounts with a further 300 banks.

People who were not contacted last time around will now have to repay tax owed as well as a 10% penalty.

Those who have already been contacted by HMRC will be subject to a 20% penalty.