June 22 Deadline to Declare Property
HM Revenue and Customs will be commencing a major crackdown on undeclared overseas assets (including homes) from June 22nd. Until that time there is an amnesty in which overseas homeowners who have previously failed to declare their property – even if there has been no tax to pay – can declare their intention to disclose.
Disclosure and payment of any taxes, duties and penalties owed plus interest must then be made by 26th November 2007. Last year the HMRC won a landmark case forcing Barclays to provide access to its offshore customers’ accounts – with Lloyds TSB, Royal Bank of Scotland, HSBC and HBOS following soon after. All British residents are liable for UK tax on their worldwide income and gains. For further information please go to http://www.hmrc.gov.uk.
Posted on 10 May 2007
