Last minute rush?

HMRC have offshore bank account details for approximately 400 000 people says Dave Hartnett of the HMRC. So far between 5 500 and 6 000 people have notified HMRC of their intention to disclose hitherto unreported income and some 40 000 guidance packs have been requested.

Mr Hartnett acknowledges that 6 000 notifications are not that many in comparison with the number of people about whom HMRC have information but says that in the last five or so days the number of notifications has really increased with the hypothetical graph line 'almost vertical'. He does not know what is going to happen from one day to the next but has always expected a last minute rush.

The amount of tax is not known yet although Mr Hartnett says that some taxpayers have already sent in cheques to cover the tax interest and penalties ...