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HMRC UPDATES - ASSETS OFFSHORE

HMRC wish to encourage UK taxpayers to check whether their tax affairs are up to date and complete.

They’re particularly concerned at present that people may not be paying the right amount of tax on assets held offshore. They’ve recently confirmed that they are able to obtain NEW financial info from more than 100 jurisdictions, including details about overseas accounts, trusts and investments. HMRC are currently using info from overseas banks, insurers, wealth and asset managers to identify what they describe as the minority who are not paying what they owe.

They’ve suggested that people check that their tax affairs are up to date and that all tax law changes have been taken into account.

If in doubt they’ve recommended that the services of a tax expert be sought.

They’ve also established an online disclosure facility at

www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure

for those who need to update their affairs.

HMRC have accompanied this encouragement with warnings that they WILL find out about undeclared offshore assets and penalties are increasing for those not paying the correct tax on these assets.

Reassuringly, they’ve also asked people to remember that if tax affairs are up to date and all UK tax declared, there is nothing further to do.

This entry was posted on April 11, 2017