Investigations into offshore bank accounts by Revenue & Customs are set to increase, according to Grant Thornton. Those who have their savings in offshore bank accounts and have evaded tax payments could be caught out in a crackdown by the government, as investors move their funds back to the UK to receive protection on funds up to £50,000, in light of collapsing foreign banks. The Revenue has revealed plans to launch a new tax amnesty for around 70,000 investors they believe are evading tax by using offshore bank accounts. As the economic climate looks increasingly unstable, with news that the UK is already in a recession, the Revenue is more likely than ever to recoup lost tax. Under last year's Offshore Disclosure Facility, tax evaders were given the chance to pay a reduced penalty capped at 10%. The Revenue raised around £400m between 22 June and 26 November 2007. Gary Ashford, a tax investigations director at Grant Thornton, said: 'HMRC is now stepping up its pursuit and is fully committed to commencing high-profile criminal prosecutions of taxpayers to act as a deterrent.'