asked Her Majesty's Government:

Whether there is an amnesty for United Kingdom taxpayers in respect of individuals' and companies' income and gains that have not been brought into account for United Kingdom tax purposes; if so, when it expires; and what instructions have been given to HM Revenue and Customs as to the application of penalties and interest.

HM Revenue and Customs has introduced arrangements so that offshore account holders can disclose any income and gains not previously included in their tax returns. The arrangements are open to individuals and companies.

The deadline for notifying HMRC of the intention to make a disclosure is 22 June 2007. Those intending to make a disclosure then have until 26 November 2007 to submit a full disclosure and payment.

The principle of penalty mitigation for those who make disclosures is well established and, for those who meet the terms of the offshore disclosure arrangement, the penalty will be 10 per cent of the taxes underpaid. These arrangements are not an amnesty, because tax, interest and penalties are all payable.

In addition, to ensure fairness, persons who approach an HMRC office by 22 June 2007 to make a disclosure that does not involve an offshore account will receive the same treatment as is available under the offshore arrangements.

Further information is available online at https://disclosures.hmrc.gov.uk or from the dedicated helpline: 0845 302 1401.