Blackfriar: The last chance saloon is looming for the tax dodgers

Not many Yorkshire folk are going to want to put their heads above the parapet and say: "Oh yes, I've got several million quid stuffed in a dodgy bank account in Switzerland".

But given the wealth and industry of Yorkshire, it is estimated there are thousands of tax evaders in the region.

You probably know someone yourself. Or maybe you are one.

According to DLA Piper, which is hosting the breakfast meeting at its offices in Leeds this morning, many of these people can't sleep at night, worrying about when HM Revenue & Customs will come knocking.

So they choose to go down that tried and trusted route of sticking their heads in the sand, which works a treat until you get caught. The problem is that the tax dodge amnesty announced by the Revenue is so complex. Few people understand it and many of those who do suspect that it's a trap.

It isn't. The Revenue has neither the incentive or the resources to trap people. They just want the cold hard cash.

This is a last chance opportunity for people to come clean, declare their assets, lose maybe a quarter or a third of the millions they've got stashed away, and learn to sleep again at night.

Part of the problem is that the Revenue's scheme is linked to the mysterious tax haven of Liechtenstein. Another problem is that it's called the Liechtenstein Disclosure Facility or the equally obscure LDF.

But before you stop reading, you don't even have to know where Liechtenstein is let alone have money stashed there to take part in the Revenue amnesty.

Personally, Blackfriar would have called it the WYDA scheme, which stands for "Whitewash Your Dodgy Assets" and the Revenue won't prosecute you scheme.

The LDF allows people with undeclared assets anywhere outside the UK to come clean, as long as they open an account in Liechtenstein.

They will then be given a fixed penalty plus a backdated tax bill and a guarantee they won't be prosecuted.

This means that anyone with assets hidden in popular tax havens such as Switzerland, Jersey, Guernsey, Gibraltar or Monaco can take advantage of the Revenue amnesty.

As a rule of thumb, the Revenue will apply a 40 per cent tax charge to assets going back to 1999 and impose a 10 per cent penalty.

All tax gains from before 1999 are disregarded by the Revenue. So as a rough guide, people will be left with two-thirds to three-quarters of the money they had in the bank.

Or you could just stick your head in the sand and wait and see if the Revenue comes knocking.

If you do, you could face penalties of up to 200 per cent and the knowledge that you're up there with Lester Piggott and Ken Dodd when it comes to the best ostrich impression.

Best wishes to all those attending tonight's Yorkshire Post Excellence in Business Awards.

The quality of companies entering this year's prestigious event has been impressive and the awards will honour businesses which have displayed the grit, tenacity and determination to keep growing during the recession.

The Chancellor of the Exchequer George Osborne will be the keynote speaker at the eagerly awaited ceremony.

Jon Culshaw, the TV impressionist, is the master of ceremonies.

We will report full coverage of the event including winners and shortlisted companies in a special supplement next Tuesday.