London Property Digest, by Longrad

Revealed: 22% Surge in UK Residents Admitting Unpaid Foreign Taxes

Longrad

In this episode of London Property Digest, we explore the 22% rise in UK residents admitting to unpaid taxes on foreign assets during 2023-24. Discover how HMRC’s enhanced efforts—ranging from increased warning letters to data sharing with 120 countries under the Common Reporting Standard—are driving voluntary disclosures. We discuss the role of advanced data analysis, improved global data exchange, and public awareness in tackling the UK's £39.8 billion tax gap. Tune in to learn about the potential penalties for non-disclosure, including prison sentences in severe cases, and what this means for UK residents with foreign assets.

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