With increased efforts from HMRC in targeting Brits living offshore has nearly doubled the tax yield in two years. Collecting £560m in unpaid taxes and launching over 800 investigations last year alone.
UK Taxpayers are being urgerd by HMRC to ensure they have declared any foreign income or profits on offshore assets before the deadline (set for 30th September 2019).
HMRC will be introducing new legislation called ‘Requirement to Correct’ which will require UK taxpayers to notify HMRC of any offshore tax liabilities relating to UK income tax, Capital gains tax or Inheritance tax.
What should be declared
- Renting out property abroad
- Transferring income from one country to another
- Renting out home in UK whilst living abroad
The Financial Secretary to the Treasury, Mel Stride MP, said:
Since 2010 we have secured over £2.8bn for our vital public services by tackling offshore tax evaders, and we will continue to relentlessly crack down on those not playing by the rules.
This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now.
HMRC continued in saying that from 1st October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard. This data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received
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