The campaign run by HM Revenue and Customs (HMRC) to persuade taxpayers to make good the tax owing on undeclared offshore accounts is to come to a conclusion soon.
Taxpayers have until 26 November to pay the tax due on money held in offshore accounts.
Under HMRC's campaign, customers of high street banks with offshore funds were given the chance to make a full declaration of the amounts and any liabilities.
In return the fine for not disclosing sooner was reduced to 10 per cent of any unpaid tax.
The outstanding sums have to reach HMRC by 26 November.
To date some £140 million has been paid by 20,000 account holders, and HMRC is expecting to receive hundreds of millions of pounds more before the final payment date.
However, the numbers who have so far declared represent only a proportion of the 200,000 account holders initially contacted by HMRC.
Those who failed to respond to HMRC now face the likelihood of an investigation and possible prosecution.
Non-payers can also expect to be hit with fines far in excess of the 10 per cent offered last year. Some penalties may go as high as 100 per cent of the tax owing.
HMRC is said to be considering a second "agreement", this time aimed at offshore account holders with building societies, brokers and investment companies.
A HMRC spokeswoman said: "HMRC will offer these customers some form of disclosure arrangement, ensuring that they are treated fairly, with similar terms to those in the first group. The arrangements will, again, not be an amnesty because tax, interest and penalties will all be payable."
Date:20 November 2007
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