HMRC Announces New Sanctions For Taxpayers That ‘Fail To Correct’ Offshore Irregularities

shutterstock_223883626The Government is set to crack down further on people who have not paid UK tax on their income and gains from offshore bank accounts and investments. A new Worldwide Disclosure Facility comes into effect on 5 September, offering people the opportunity to make disclosures and get their UK tax affairs in order before draconian new penalties come into effect in September 2018.

Exact details of the new penalties are not yet decided, but initial proposals suggest they could extend to as much as 3 times the actual lost tax in some cases.

Anyone with any concerns about offshore assets or income which have not been disclosed should take advice now to protect their position. For any advice or further guidance on any tax issues, please contact a member of the tax team by emailing tax@pmm.co.uk or by calling 01254 679131.