New research reveals that 5 643 taxpayers used the HMRC Worldwide Disclosure Facility in 2024 to make voluntary disclosures of underpaid tax on overseas assets representing a 22% increase over figures for the previous year. Advisory firm Lubbock Fine who commissioned the research point out that the figures accompany a crackdown by HMRC on hidden offshore wealth and assets now that HMRC have far greater access to data on taxpayer offshore bank accounts (via the automatic exchange of financial information) including those in traditional tax havens. The firm notes that HMRC cross-reference the overseas data with UK information they already hold before sending out nudge letters warning of investigations where taxpayers do not get in touch.
The firm warns that those who avoid reporting undeclared overseas income to HMRC risk severe financial consequences with the potential for enhanced penalties where offshore income and gains are involved....
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New research reveals that 5 643 taxpayers used the HMRC Worldwide Disclosure Facility in 2024 to make voluntary disclosures of underpaid tax on overseas assets representing a 22% increase over figures for the previous year. Advisory firm Lubbock Fine who commissioned the research point out that the figures accompany a crackdown by HMRC on hidden offshore wealth and assets now that HMRC have far greater access to data on taxpayer offshore bank accounts (via the automatic exchange of financial information) including those in traditional tax havens. The firm notes that HMRC cross-reference the overseas data with UK information they already hold before sending out nudge letters warning of investigations where taxpayers do not get in touch.
The firm warns that those who avoid reporting undeclared overseas income to HMRC risk severe financial consequences with the potential for enhanced penalties where offshore income and gains are involved....
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