HMRC cracks down on hidden foreign income

Pedro Gonçalves
clock • 1 min read

HMRC has doubled down on its campaign against taxpayers with undeclared foreign income. Thousands of taxpayers have received letters in the past month urging them to review their foreign assets and bank accounts, warning that false declarations could result in criminal prosecutions, the FT reported. It follows a trend that started last year as thousands of letters were dispatched by HMRC. The UK tax authority is seeking to close the country's tax gap, which stands at 5.6% of tax liabilities according to HMRC's estimate for 2017/18, equating to around £35bn. The HMRC letter, seen...

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