30 September 2018 – a vitally important date for all those who have previously undisclosed offshore income and gains. This is the date by which you have to disclose income and gains and settled any tax liabilities arising.
So, why is this so important? – Because a number of new laws become effective from that date, not least of all the potential for penalties to double from 100 to 200% of the potential lost revenue where HMRC subsequently discover undisclosed income and gains, plus a potential further 10% of the value of the overseas assets held.
How will HMRC know about previously undisclosed assets? - Using the Common Reporting Standard between the UK and 90 other countries. This is a financial information exchange mechanism so the chances are HMRC may already know about some assets.
Please get in touch if you feel you may be affected by this.