The British government has asked citizens to declare any foreign income or profits on offshore assets before Sep 30 to avoid higher tax penalties.
New legislation called ‘Requirement to Correct’ requires taxpayers to notify about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax, says the HM Revenue and Customs (HMRC).
The new law will cover British-Bangladeshis, who own assets outside the country, including Bangladesh.
“The most common reasons for declaring offshore tax are in relation to foreign property, investment income and moving money into the UK from abroad,” HMRC said in a statement.
Since 2010, the UK has secured over 2.8 billion pounds for vital public services by tackling offshore tax evaders, it quoted saying Financial Secretary to the Treasury Mel Stride
“This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now,” it quoted Stride.