HM Revenue and Customs (HMRC) have once again promoted their new abilities in searching for tax evaders.
The days of stashing money in a foreign bank account are over, according to their new correspondence.
The HMRC have issued the following points:
• HMRC is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
• From 2016, HMRC is getting new financial information about our customers from more than 100 jurisdictions. This includes; details about overseas accounts, structures, trusts, and investments.
• HMRC is already using information to identify the minority who are not paying what they owe. This is supplied by overseas banks, insurers, and wealth and assets managers.
From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, you do not need to worry. This can include earnings from overseas.
If you have got money stashed away in a foreign bank account that you haven’t declared to HMRC then you may be getting a letter in the near future from them asking for details about those accounts.