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.
109B High Street
Herts HP1 3AH
Tel: 01442 242491
If you have an enquiry or wish to make an appointment please contact us:
01442 24 24 91