If you are resident in the UK for tax purposes and have bank accounts, assets, investments or any sources of income arising overseas you could owe tax in the UK.

Since 2016, tax authorities around the world have been sharing large amounts of information about people’s financial affairs and the number of jurisdictions involved has now increased to more than 100 worldwide. This gives HMRC unprecedented levels of data to check that the right amount of tax is being paid in the UK.

Are you confident that your UK tax affairs are up to date?

Circumstances do change and you may have recently acquired a new asset or source of income outside of the UK and not yet mentioned it to your tax advisor. If this is the case, then we recommend that you talk to your tax advisor to find out what you need to do and to make sure that this is correctly treated on your tax return. If you don’t, with the additional information that HMRC now has access to, it’s likely that they’ll pursue you. The penalties for not declaring overseas sources of income are increasing and you could even face penalties based on the value of the asset as well as the tax due.

We recommend that you act now and contact a member of the Champion tax team.