Offshore Assets

Posted on 2nd November 2021 by Streets What's trending?

Image to represent Offshore Assets

HMRC have access to overseas accounts which may be in your name. Many financial institutions and banks have signed up to provide this information to HMRC. If you have any income or gains from assets held overseas you should declare that income via your self-assessment. Failure to declare could result in additional interest, penalties and in some cases even prosecution.

We can help you make a full voluntary disclosure under the world wide disclosure facility, (WDF) of all undeclared offshore liabilities, including income from a source outside the UK, assets held outside the UK, activities carried on abroad and we can help to mitigate higher penalties, by telling them before they approach you. Penalties can be up to 200% of the unpaid tax. “Unprompted” disclosures can be reduced down to 100%, again depending on the quality and accuracy of the disclosure.

The process can be extremely stressful - we aim to make the process simple and our team of experts will assist you as much as we can to make sure your situation can be handled in a tax-efficient way. In addition, through our links with Streets Global Alliance we can, if necessary, contact fellow professionals in other countries.

For more information on the Worldwide Disclosure Facility, please contact Erica Manderfield or your usual contact today.

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.


The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.

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