HMRC have issued a stern warning to UK taxpayers who have not declared any offshore income, assets or bank accounts. Currently there are disclosure options available under the Worldwide Disclosure Facility (WDF). This facility will finish on 30 September 2018 and after this the new harsher rules will apply. HMRC has published proposals to allow more time to investigate and prosecute where taxpayers have not declared the right amount of offshore income and paid the right tax.
We have made disclosures for a large number of clients with offshore accounts and assets and achieved very favourable results. If you would like to discuss the impact of the new rules, please do not hesitate to contact us.