HM Revenue & Customs (HMRC) has introduced new rules that encourage people to come forward voluntarily to disclose taxable income and gains from offshore assets.
From 2016, HM Revenue & Customs (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 most cases, the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the HMRC document designed to encourage individuals with undisclosed offshore assets to contact HMRC to disclose any tax liabilities they have.
You can find out more about the requirements and changes on the HMRC website, including information on the penalty that could apply if the new obligations aren’t met.
Where clients hold offshore bonds arranged via ourselves, when taxable amounts arise the provider already communicates with both the client and with HMRC.