OFFSHORE ASSETS  AND INCOME

EXCHANGE OF INFORMATION  BETWEEN HMRC  AND OTHER TAX JURISDICTIONS

OFFSHORE  ASSETS  AND INCOME -200% PENALTY

HMRC will start to receive information from overseas jurisdictions in respect  of  UK resident individuals who receive income from overseas or hold financial assets overseas.  Failure to disclose   offshore assets and income will potentially make   the person liable  to more severe penalty based on the assessment regime being introduced from September 2018.

If applicable , you  can  make a disclosure, this may still be done within the worldwide disclosure facility but time is of the essence, and whilst the penalties relating to such a disclosure will still be substantial, they will still be significantly less than the potential 200% penalty which can be levied under the new regime.