TAXPAYERS have been asked to declare any foreign income or profits on offshore assets before September 30 as Britain cracks down on tax avoidance.
Income made on property, or from banks accounts, arts and artifacts should be disclosed under the new legislation called “Requirement to Correct”.
British tax payes who rent a property abroad, transfer income and assets from one country to another, or even renting out a UK property when living abroad could mean taxpayers face a tax bill in the UK.
Financial secretary to the Treasury Mel Stride MP said: “Since 2010 we have secured over £2.8 billion for our vital public services by tackling offshore tax evaders, and we will continue to relentlessly crack down on those not playing by the rules.
“This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now.”
See gov.uk for further details on the Requirement to Correct
Shortlisted authors Dan Wang, Edward Fishman, Stephen Witt, Carl Benedikt Frey and Eva Dou.
