Where an individual is resident in the UK, he or she is generally taxable on worldwide income and gains whether or not it is brought back into the UK. Again, there can be significant interest and penalties on top of the unpaid tax if HMRC find out.
HMRC now exchange information involving savings and investments overseas with about 90 other countries and again match that data with individuals’ tax returns.
There is a special HMRC worldwide disclosure facility to allow taxpayers to bring their tax affairs up to date.
Note that there are special rules for individuals who are resident but not domiciled in the UK and those people’s tax status is likely to change from April 2017. For further information contact us.