Over the last few years, HM Revenue & Customs and other international tax authorities have been working together on Common Reporting Standards whereby information on investments, bank accounts and other assets can be shared across the world. The number of jurisdictions signed up to this currently number over 100 and many more are being added.
The upshot of this is that HMRC will soon know, if they do not already have the information, for every UK resident, income and capital gains arising from every investment, bank account and other asset wherever it is situated in the world. Taxpayers who have not declared overseas income will be found out and consequences including tax costs, interest, penalties and, potentially, criminal sanctions could follow.
There is, however, a facility available (the Worldwide Disclosure Facility) whereby taxpayers can make voluntary disclosures with the likelihood of reducing their penalty exposure.
If you would like to discuss this in more detail, please let us know.
29/08/2017
View all >
15/07/2026
Taxpayers urged to get ahead of July self assessment payment deadline
HMRC is reminding millions of self assessment taxpayers to prepare for the 2025 to 2026 tax year second payments on account 31 July deadline.
READ MORE
Government steps up drive to reconnect young people with £1.6 billion
The government is stepping up its efforts to reconnect young people with unclaimed savings in Child Trust Funds (CTFs).
Targeted subsidies are needed for firms to tackle Britain’s NEETs crisis
Targeted subsidies, rather than expensive tax breaks, are the most cost-effective way of supporting employers to get young people into work, according to Resolution Foundation analysis.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.