Archive:April 2018

HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders.

Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes:

– interest from overseas bank or building society accounts;
– dividends and interest from overseas companies;
– rent from overseas…

Finance Act 2018, which received Royal Assent on 15 March 2018, enacts several changesaffecting the taxation of partnerships, most of which apply for the 2018-19 tax year onwards. The changes will be relevant to general and limited partnerships, Limited Liability Partnerships (LLPs) carrying on business with a view to profit, and foreign entities classified as partnerships for UK tax purposes.

Although HMRC believe there will be little impact for most partnerships, it will be important for partnership structures to review the rules and assess their likely impact.

Reporting requirements

The legislation…