HM Revenue & Customs has clawed back £400 million from people with offshore bank accounts after it granted a partial amnesty.

The holders of about 45,000 offshore accounts, many of which are in tax havens such as Guernsey and Jersey, owned up to unpaid tax bills before the November 26 deadline, thus capping their fines at 10 per cent. The largest single payment amounted to £3 million, with the average being £9,000.

However, this is a far cry from the £1.75 billion that HMRC estimated it was owed by customers of up to seven high street banks that were forced to hand over account details. The partial amnesty was principally aimed at about 100,000 people and it had previously been estimated by Grant Thornton, the accounting firm, that as much as £5 billion might be recovered.

However, the total is likely to be given a boost if HMRC, as expected, announces another amnesty early in the new year.

It is believed that this time it will demand that between 150 and 170 United Kingdom banks and other financial institutions with offshore branches supply full details of their customers’ accounts.

Dave Harnett, the director-general of HMRC, last week said that he had already had a meeting with 150 banks and will be serving notices to bring in more information.