“From 2016 HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.
If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet to help you decide now what to do next: August 2017 HMRC Notification.pdf
If you have any queries or there are matters you would like to discuss, you should speak to your usual Scholes & Brown contact in the first instance.