With the many measures adopted during the ongoing COVID-19 crisis, HM Revenue and Customs (HMRC) has been supportive of businesses in the current difficult climate. However, this more helpful approach is different from the normal face HMRC presents to taxpayers.
As we have documented in earlier blogs (captured below), ownership details of offshore assets, income and gains have been directly provided to HMRC, via exchange of information agreements with hundreds of overseas countries in the last 2 years. HMRC now have access to unprecedented amounts of information relating to overseas details for UK resident individuals
Following the provision of helplines, payment extensions and other support offered to those feeling the effects of coronavirus (COVID-19), HM Revenue & Customs (‘HMRC’) are now feeling the effects of this themselves.
Historically it was very difficult for HMRC to find out about offshore assets, income, gains and transfers which should have been declared in the UK, but for whatever reason, be it innocent or deliberate, were not reported.