HMRC cracks down on hidden foreign income

Pedro Gonçalves
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HMRC cracks down on hidden foreign income

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 liab...

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