If you have undisclosed offshore holdings or investments, for example:
- offshore bank accounts
- overseas assets like property, eg a holiday let
- shares or other interests in an offshore company or trust
- inherited money from overseas
You have until 31st December 2015 to disclose these. After that date a penalty could be charged up to 200% of the due tax, plus interest.
HMRC have access to a large number of international information exchange agreements which they will using to compare against what tax payers have declared on their returns.
Details of HMRC’s current settlement opportunity can be found here. Please do contact us if you have any concerns.