• Monday, August 15, 2022

HEADLINE STORY

UK residents asked to disclose income on foreign assets

COMPLIANCE: British taxpayers have till September 30 to declare income from assets abroad

By: Rithika Siddhartha

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…

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