We have all heard lots about the Panama papers and the Mossack Fonseca data leaks.
Any UK resident with links to the Panama law firm will undoubtedly be under a much increased risk of investigation by HMRC. But what does this mean for tax payers generally?
The data leak has also put greater pressure on governments and tax authorities around the world to improve tax transparency. We can therefore expect much more interest generally from HMRC in those who have offshore interests.
If you have not yet declared your offshore interests to HMRC what options remain open to you?
People with overseas assets can still make a voluntary disclosure to HMRC, despite the closure of the Liechtenstein Disclosure Facility (LDF). There are other disclosure options, such as the Let Property Campaign, which despite its name, allows individuals to disclose far more than just rental income.
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