AT LEAST 40,000 individuals with offshore savings could face a Revenue & Customs investigation after failing to take advantage of its tax amnesty, which ended at midnight on Friday.

The Revenue said it knew of about 100,000 people who have not declared and paid tax on their offshore assets, but only 60,000 had come forward.

The remaining 40,000 now face a tax probe and penalties of up to 100% of the tax they owe, compared with up to 10% had they taken advantage of the amnesty.

The Revenue obtained details of 400,000 offshore accounts from UK high-street banks, after they lost a legal battle to maintain their customers’ confidentiality.

Two weeks ago, the taxman wrote to 200,000 of those account-holders, urging them to take up an amnesty offer, which began on April 17.

The Revenue estimates that 100,000 of the people it contacted owe tax on undisclosed offshore accounts based in Ireland, the Channel Islands and across the EU.

There has been a last-minute rush of people trying to beat the amnesty deadline – the number coming forward has risen tenfold over the past two weeks.

Those who have taken part in the amnesty have until November 26 to pay the tax owed – together with any interest and penalties due.