Posted: August 17, 2018
HMRC have in the last week begun to issue warning letters to taxpayers where they believe that there may be undeclared offshore income or assets. These letters arise from information that HMRC has obtained under the Common Reporting Standard (CRS).
The regime for disclosure of undeclared overseas income changes significantly after 1 October – with penalties increasing to 100% – 200% of the undeclared tax due. Taxpayers are advised to consider the position carefully in advance of the 30 September if they believe that they may have undeclared overseas income.