Undeclared Overseas Investments

A deadline of 30 September 2018 exists to notify, in full, to HMRC and attract a charge to penalties for an ‘unprompted’ disclosure. These penalties are likely to be between 10% and 30% of the tax due.

Failure to make a full declaration to HMRC by 30 September will lead to much higher penalty charges for ‘failure to correct’, which start at 200% of the tax underpaid and can go up to a maximum of 300% for deliberate evasion.

In addition, there is the possibility of a new ‘asset-based’ penalty where tax involved exceeds £25,000 of up to 10%.

Individuals may be ‘named and shamed’ and publicised by HMRC.

If you believe you may have income generating assets outside of the UK you need to act now. Please contact Vanessa on vanessa@dbs.org.uk

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