Dawn Register and Dominic Hall look at common myths surrounding the reporting of income and gains from offshore assets
HMRC statistics show that approximately one in ten people in the UK have an offshore financial interest. The taxation of income and gains arising from these interests can be complex. Fundamental principles are often misunderstood and this leads to common myths and misconceptions.
HMRC now has access to unprecedented levels of overseas financial data. Alongside the data is HMRC’s ‘No Safe Havens’ offshore strategy, renewed in 2019, and punitive penalties for offshore errors in tax returns. Identifying and dealing with offshore non-compliance is crucial for all professionals and individual taxpayers.