HMRC on the trail of overseas property owners
The UK taxman has his sights set on UK-based owners of overseas property and those with bank accounts abroad, ahead of crippling new penalties for avoiding tax that come into force at the end of the summer, according to a Sunday Times article, published on June 24th, 2018.
In a ‘phishing’ expedition, HMRC has contacted a list of likely suspects and has given them until September 30th to declare rental income and any capital gains from property sales tax.
If an individual is found to owe tax, and has not ‘corrected’ their tax declarations, penalties of up to 200% of the sums owed may be levied, with a minimum of 100% penalty applied.
The UK tax department has become increasingly adept at identifying those who have overseas assets and foreign bank accounts but the current swathe of letters is aimed at those that HMRC suspects