As the tax return season draws to a close again, HMRC have issued updated guidance to assist UK resident tax payers in bringing their tax affairs up to date in respect of any undeclared income or gains from overseas bank accounts and investments.
There are currently formal disclosure opportunities with HMRC in respect of income and gains from assets in Lichtenstein, Jersey, Guernsey and the Isle of Man. In respect of any other territories, then individuals are still being encouraged to approach HMRC to bring things up to date. Settlements made under a voluntary disclosure of this kind always attract a lower level of penalty than those which result from HMRC discovering an omission of such income from a tax return.
By way of encouragement to affected individuals, HMRC have pointed out that over 90 countries have committed to new international agreements that will let HMRC see more about every individual’s overseas accounts. The information which will come into HMRC’s possession will apparently include overseas bank accounts, insurance products and other investments, including those held through overseas structures.
If you believe you may have income from overseas, and you have not yet fully disclosed to HMRC our team of experienced experts are available to help guide you through the complexities of disclosure and ensure your affairs are brought fully up to date. Call us today on 0845 177 5500 or use our on-line form for a free initial appraisal of your requirements.