Tax clampdown on offshore assets

HM Revenue & Customs (HMRC) now has considerable data at its disposal from other countries, including details of offshore bank accounts, trusts, properties and investments. This has led to an increased focus on UK-based individuals who own assets abroad, to ensure that all gains and income are being declared.

Recently, there has been a lot of HMRC activity relating to offshore disclosure. Broadly speaking, if you think you may have made gains or earned income from offshore assets which have not been disclosed, then now is the time to consider your position and seek advice. It may be that there is nothing to be declared, but it is advisable to check and be completely sure.

HMRC is fully committed to identifying individuals who may have unreported gains and income from offshore assets. Such individuals could face charges for interest, as well as penalties and, in certain cases, prosecution for tax fraud.

Where a UK tax liability exists, voluntarily disclosing the facts to HMRC is the recommended approach.

For further advice, please contact either Jon Miles, or Calvin Healy on 01225 325580, or email, or