Posted: July 31, 2018
HMRC is advising tax payers to declare foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.
If taxpayers have offshore income and gains then HMRC must be notified of an intention to disclose by the 30 September – they will then have 90 days to collate the full disclosure and pay any tax due. From 1 October 2018 HMRC will have access to more information on international assets held by UK tax payers under the information sharing mechanism known as the Common Reporting Standard (CRS).
To date 17,000 tax payers have notified HMRC of offshore assets.