HMRC tax investigations into taxpayers with offshore assets and income was more than £560m in the year to 31 March 2019.
The HMRC Fraud Investigation Service has a special arm known as the Offshore, Corporate and Wealthy Unit. It receives information from the hundred or so countries which now share financial information with the UK. That unit increased the amount of tax it collected from offshore intelligence-based investigations by 72% over the past two years increasing from £325m in the year to March 2017 to £560m in the year to 31 March 2019; according to a report in Taxation magazine.
What does this mean for me?
If you have any offshore assets, or any sources of income arising, outside the UK, and you have not declared them to HMRC, then it is highly likely that they will discover this in the near future. There will inevitably be a tax investigation (sometimes conducted on criminal lines). There are extremely harsh penalties in place for people who do not step forward to make a voluntary disclosure (e.g. via the Worldwide Disclosure Facility).
There can be complicated issues involved with offshore assets and income. HMRC use a specialist team. You should consider taking specialist advice yourself.
How can Lynam Tax Disclosure Experts help me?
Lynam Tax Enquiry Experts have a huge amount of experience of all the various Tax Amnesties. We have successfully had scores of Offshore Disclosure Facility and Worldwide Disclosure Facility cases accepted by HMRC without any challenge.
Act now. Call today – for a no obligation, confidential consultation.
Paul Lynam: 0845 643 9997
Andrew Nutbrown: 07718 778710