In this section:

Do you have undeclared income offshore?

This guide gives an overview on how to disclose your overseas income to HM Revenue & Customs (HMRC). Come to us before we come to you.

On this page:

Do you have undeclared income offshore?

There is nothing wrong with having accounts overseas as long as you declare all taxable income and gains on your UK tax return.

The guide explains why you should disclose information, how you can disclose and what happens if you don’t.

If you are not resident in the UK for tax purposes you will not usually be liable to pay tax in the UK on your offshore income and gains. Please see the links below for further guidance on what might be taxable and information on residence and domicile status.

Tax on foreign savings and investment income

Residence, domicile and the remittance basis (PDF 566K)

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Why disclose now?

New international agreements will let us see more about your overseas accounts. If you’ve declared your taxable income and gains then you have nothing to worry about. But if you haven’t and we catch you, you’ll have to pay the undeclared tax, a penalty of up to double the tax you owe, and could even go to prison.

We will soon be obtaining much greater information about your overseas accounts, insurance products and other investments, including those held through overseas structures. This includes details of who is holding the account or asset, or owns the entity holding the asset including their name, address, date of birth, the balance of the account and payments made into it. We will be using this information to go after those who have evaded their taxes, so come to us before we come to you.

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What you need to do now

If you are not paying the right amount of tax you may be able to tell HMRC using a disclosure facility and get the best terms on offer. You may not be paying the right amount of tax if you have undeclared income or gains that you have not told HMRC about, previously made an incorrect claim or are behind with your tax affairs.

If you think you may have undeclared income and gains from your overseas accounts, please contact us now to clear up your past tax affairs and make sure that going forward you declare all relevant income and gains in your next SA return.

Your tax return: the basics

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Are you eligible for HMRC offshore disclosure facilities?

HM Revenue & Customs (HMRC) offshore disclosure facilities provide an opportunity for eligible customers with assets or investments held overseas to bring their UK tax affairs up to date.

If you are not eligible for any of these facilities you can still bring your tax affairs up to date.

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Disclosure facilities

Disclosure facilities - find out whether you are eligible and how to apply

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What if I'm not eligible for a disclosure facility and still want to come forward?

If you are not eligible to use an offshore disclosure facility but have UK tax liabilities to disclose you should still take action to bring your affairs up to date.

If your outstanding tax is linked to the use of overseas accounts or other offshore structures, please contact HMRC's Offshore Coordination Unit via:

If you have unpaid tax based on activities in the UK only, you can put it right now by:

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What happens if I don't tell HMRC

If HMRC catch you, you will have to pay your undeclared tax, a penalty of up to double the tax you owe and you could even go to prison.

HMRC has the right to pursue a criminal investigation in cases of tax fraud but an important factor in making this decision is whether a person has made a complete and unprompted disclosure of any amounts evaded or improperly reclaimed.

So tell HMRC about it now and make a full and complete disclosure. You will always receive better terms if you come to HMRC before we come to you.

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