Come forward to clear up your offshore tax affairs

HM Revenue and Customs (HMRC) are getting tougher on tax evasion so tell them now about offshore income or capital gains that you should have reported in a tax return.

Check your affairs are up to date if you have investments outside the UK, for example:

  • offshore bank accounts
  • overseas assets like property (for example, a holiday let)
  • shares or other interests in an offshore company or trust
  • inherited money from overseas

You can declare these at an offshore disclosure facility.

You’ll pay the tax you owe and a penalty, and in return you’ll have peace of mind that your tax affairs are up to date.

What happens if you don’t act now

If you don’t declare what you owe you risk:

  • being subject to an investigation
  • a higher penalty of up to twice the tax you owe
  • a criminal conviction and a prison sentence

HMRC analyses data from countries and jurisdictions around the world to catch people who evade tax.

So tell HMRC about your offshore income now before they come to you.

Getting help

If you’re not sure you’ve paid the right tax, and you have a tax adviser or accountant, you need to speak to them now. They can help you check your financial affairs and will explain your options if you need to declare tax to HMRC.

You can also contact HMRC about using an offshore disclosure facility.

More information