UK admissions of overseas tax evasion jump 22%

In the Unlock the Editor’s Digest for free, Editor Roula Khalaf highlights the sharp increase in UK residents admitting to not paying tax on overseas assets, with 5,643 individuals disclosing evasion to HM Revenue & Customs in 2023-24. The government’s crackdown on tax evasion and avoidance has been bolstered by the exchange of financial information under the Common Reporting Standard, leading to a rise in disclosures and penalties for non-compliance. With HMRC utilizing advanced technology to detect discrepancies and issue warnings, individuals are encouraged to come forward and rectify their tax affairs to avoid severe repercussions.

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