Undeclared offshore account holders face HMRC clampdown

HMRC’s latest campaign which starts on 24th February 2014 will target offshore account holders in Northern Ireland and the rest of the UK in a new clamp-down on tax evasion.

With the UK having already entered into new information-sharing agreements with the Crown Dependencies and Overseas Territories, HMRC will now have access to more data than ever before on offshore accounts held by UK taxpayers.

Anyone who has previously failed to declare these foreign accounts will therefore  have to pay the tax itself as well as penalties of up to twice that sum, and could face imprisonment.

The launch of this new campaign follows an agreement by the G20 group of finance ministers to further tackle global tax avoidance and evasion.

Wilson Nesbitt Solicitors based in Belfast, Northern Ireland can assist you with your tax compliance issues and help  if you have been issued with a tax enquiry. If you need to talk with one of our tax advisors please contact us by calling 0800 840 9288.