Robert Maas takes a look at the sort of people who seem likely to be wrongly criminalised as a result of failing to declare overseas income.
The government announced in April 2014 that they intend to create a new criminal offence of failing to declare overseas income. This will be a strict liability offence. It will not matter why the income was not declared. All that HMRC will need to show is that you had taxable income arising overseas and that such income has not been shown on your tax return.
You’ve received a letter from HMRC asking for information, or you suddenly realise that you have left something off of your tax return. Here are some tips on what to do.