HMRC latest advertising campaign centres on their intention to close in on undeclared amounts of income. One of the areas HMRC are concentrating on is undeclared offshore income. This has been targeted several times over the past number of years and this time is backed by a number of offshore disclosure facilities which can offer a reduction in penalties that would normally be faced.
If in the past you have needed to report offshore income to HMRC (which would broadly be when you are UK resident) then a review would be sensible to ensure that all amounts have been reported. When considering making good any missed declarations the type of disclosure facility that the report is made under needs to be carefully considered as certain facilities offer better terms than others. Please do feel free to contact us for further information if this is something that you believe affects you.