Offshore disclosures

There is increasing pressure on financial institutions for global tax transparency. The introduction of FATCA and the Common Reporting Standard (CRS) allow for automatic exchange of information between countries. Under the CRS, HMRC will receive details of UK resident taxpayers with offshore accounts in more than 100 countries. 

Financial penalties for offshore related matters can be significant, in some cases up to 200% of the tax due. A ‘strict liability’ criminal offence for offshore related tax evasion is also to be introduced, where the amount of tax involved is £25,000 or more.

We have significant experience in reviewing offshore arrangements and dealing with offshore related disclosures. Our experts will review your arrangements to establish whether a disclosure is required and where appropriate, prepare a disclosure report to HMRC, and handle the process of reaching settlement of the amounts due.

For more information, please contact our specialist Tax Investigations and Disputes team.