Disclosures of untaxed offshore income jump 22%

13 January 2025

Issue: 4968 / Categories: News

The number of people using HMRC’s worldwide disclosure facility to admit they have failed to pay tax on offshore assets rose by 22% to 5 643 in 2024 up from 4 630 the previous year according to research from Lubbock Fine.

The firm says HMRC’s crackdown on hidden offshore wealth is intensifying after a flood of new data it has received from overseas jurisdictions. The department is also checking income generated from overseas rental properties.

Graham Caddock tax investigations director at Lubbock Fine said: ‘HMRC’s aggressive pursuit of tax avoiders now leave very few places to hide. Rising penalties and interest charges make coming forward now the safest and cheapest option.’ He added that HMRC is making good use of the information it receives from overseas cross-checking tax return entries and its Connect database. He anticipates ‘considering the targets being set...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.