HMRC are currently running a campaign aimed at taxpayers who have undeclared income and gains offshore.

New international agreements will let HMRC see more about overseas accounts. If you have not declared overseas income and HMRC catch you, you will have to pay the undeclared tax, a penalty of up to double the tax you owe, and you could even go to prison if they pursue a criminal prosecution.

HMRC will soon be obtaining much greater information about overseas accounts, insurance products and other investments, including those held through overseas structures. This includes details of who is holding the account or asset, or owns the entity holding the asset including their name, address, date of birth, the balance of the account and payments made into it. They will be using this information to go after those who have evaded their taxes. It is important for individuals to use this campaign to come forward and declare all their offshore income and gains in order to obtain best terms for penalties.

Further information can be obtained here on HMRC website or please contact us for further advice.