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Do you have money or assets abroad?

You may still owe tax in the UK

Catherine Chapman :: Wednesday 18th January 2017 :: Latest Blog Posts


If you have money or other assets abroad, you could owe tax in the UK

If you have money or other assets abroad, you could owe tax in the UK

Things are changing – the tax world is becoming more transparent

  • HM Revenue & Customs (HMRC) is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
  • From 2016, HMRC is getting new financial information about their customers from more than 100 jurisdictions – including details about overseas accounts, structures, trusts and investments.
  • HMRC is already using information supplied by overseas banks, insurers and wealth and assets managers to identify the minority who are not paying what they owe.

Are you confident that your UK tax affairs are up to date?

You need to regularly check that you have declared all of your UK tax liabilities and, if needed, bring your tax affairs up to date. This is your responsibility.

Personal circumstances change. For example, you may have recently inherited assets overseas. Tax laws change too. All of this means that previous advice can be out of date, with costly consequences.

  • If you are confident that your tax affairs are up to date and complete then you don't need to do anything further.
  • If you find that you need to bring your tax affairs up to date, it can be easier than you think. You can choose to do this now using HMRC's straightforward online disclosure facility at www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure. However if you are unsure, please give us a call to find out if you need to take action now.

If you have not paid the right amount of tax and choose not to take action now, you should be aware that:

  • HMRC is getting an unprecedented amount of information about people's overseas accounts, structures, trusts and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in more cases, the right tax has been paid.
  • Penalties are increasing for those who are not paying the right amount of tax on their offshore assets, and you can even face criminal prosecution. Under new rules, you could face further penalties based on the value of the asset as well as the tax due, resulting in potentially life changing consequences.

Remember: if you are confident that your tax affairs are up to date and you have declared all of your UK tax liabilities, then you don't need to do anything further.

HMRC are already using early financial information to identify the minority who are not paying what they owe. If you need to bring your tax affairs up to date it is your responsibility do so – act now.

If you need assistance with any accountancy or tax related matters, please contact Catherine at CBA Services Limited on 01258 840306/07895 913546/Catherine@cba-services.co.uk

Whilst care has been taken in preparing this publication it is for information only. It is not, and should not be construed, as advice and accordingly no reliance should be placed on the information contained herein.