In the last couple of years, HM Revenue & Customs (HMRC) has been getting more and more access to financial information about people’s overseas accounts and investments. This is thanks to agreements to increase global tax transparency and covers more than 100 jurisdictions worldwide.

 

HMRC therefore has unprecedented levels of information to check that the right tax has been paid. It uses this to make sure that UK residents (including those non-UK domiciled) are correctly declaring overseas income and capital gains in the UK. Such information may also ultimately feed into the checking of inheritance tax returns.

If you have already declared all of your past and present income or gains to HMRC, including from overseas, you don’t need to worry. Either way, HMRC recommends that you read their factsheet to help you decide now what to do next.

We are sure that our clients are OK, but we are writing personally to those who we believe could be potentially affected by this. If you are in any doubt, speak to one of our advisers!