• Service: Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/5/2014

United Kingdom - Disclosure of offshore undeclared income 

May 5: HM Revenue & Customs (HMRC) has begun sending letters to some 2,000 individual taxpayers with overseas bank accounts urging them to come forward if they have any undeclared income.

The HMRC letters follow a decision by the finance ministers of the G5 (UK, France, Germany, Italy and Spain) to adopt a new OECD global standard for the automatic exchange of tax information between countries.

Corporations also need to be aware of these changes. For financial institutions that could be affected or are relying on their products being exempt, the message is that if the OECD global standard does not work as expected, it is important to raise this issue now, as the global standard agreements are to be signed in October 2014.

Read a May 2014 report [PDF 793 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (2 May 2014)

Also included in the KPMG report are discussions of the following topics:

  • UK challenge to EU Financial Transaction Tax rejected by CJEU
  • Greene King case at the Upper Tribunal
  • Dazmonda Ltd t/a Sugar & Spice – FTT Decision
  • Court of Appeal decision on tax planning using restricted securities
  • United States – Adjusted overseas housing cost limitations published
  • Private Client Update – UK Residential Property

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