HM Revenue and Customs (HMRC) is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.

New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.

However, some UK taxpayers may not realise they have a requirement to declare their overseas financial interests. Under the rules, actions like renting out a property abroad, transferring income and assets from one country to another, or even renting out a UK property when living abroad could mean taxpayers face a tax bill in the UK.

The Financial Secretary to the Treasury, Mel Stride MP, said:

Since 2010 we have secured over £2.8bn for our vital public services by tackling offshore tax evaders, and we will continue to relentlessly crack down on those not playing by the rules.

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.

From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard (CRS). CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.

The most common reasons for declaring offshore tax are in relation to foreign property, investment income and moving money into the UK from abroad. Over 17,000 people have already contacted HMRC to notify the department about tax due from sources of foreign income, such as their holiday homes and overseas properties.

Customers can correct their tax liabilities by:

• Using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility or any other service provided by HMRC as a means of correcting tax non-compliance.

• Telling an officer of HMRC in the course of an enquiry into your affairs.

• Or using any other method agreed with HMRC.

Once a customer has notified HMRC by 30 September of their intention to make a declaration, they will then have 90 days to make the full disclosure and pay any tax owed.

If taxpayers are confident that their tax affairs are in order, then they do not need to worry. If anyone is unsure, HMRC recommends they seek advice from a professional tax adviser or agent.

Further Information

1. Examples of offshore assets include: art and antiques; bank and other savings accounts; boats; cash; debts owed to you; gold and silver articles; government securities; jewellery; land and buildings, including holiday timeshare; life assurance policies and pensions; other accounts, such as stockbroker’s or solicitors’; other bond deposits and loans including personal portfolio bonds; rights or intellectual property including image rights; stocks and shares; trusts including employee benefit trusts and self-employed persons trusts; and vehicles.

2. New ‘Requirement to Correct’ legislation was introduced as part of the Finance (No. 2) Act 2017.

3. Further guidance on Requirement to Correct is available on GOV.UK.

4. Follow HMRC’s Press Office on Twitter @HMRCpressoffice.

5. HMRC’s Flickr channel.

Person Specification

We are looking to recruit one individual who will bring the following skills to the VMD’s Management Board and Audit and Risk Assurance Committee:

1. An appreciation of the functions and responsibilities of a public service organisation and how such organisations have been responding to the drive for efficiency across Government.

2. An ability to communicate and build relationships at all levels and good interpersonal skills, including the ability to negotiate, persuade and build partnerships at all levels.

3. The ability to provide impartial, objective and pragmatic advice, to contribute to discussions at a strategic level and to think creatively, and bring independent judgement to bear on issues of strategy, performance and resources.

4. A specialism in one or more of the following:

• Senior management experience on a board or at senior management level of running and overseeing a commercial business. This should include experience of financial controls, the use of management information to drive business improvement and working in partnership with other organisations to deliver outcomes, products or services.

• Experience of working within the animal health sector and an understanding of the science related to livestock husbandry, animal welfare, or veterinary science and/or functional animal nutrition.

• Experience of working on an audit committee.

• Experience of working in the IT industry.

You will need to demonstrate in your written application examples of where your experience matches these essential skills.
We would like in particular to encourage applications from those who have experience in the animal health/veterinary sectors.

Additional Information

For an information pack please contact Chris Abbott: c.abbott@vmd.defra.gsi.gov.uk

How to Apply

To apply, please send a CV and covering letter giving clear examples in no more than 1000 words of where your experience matches the essential skills mentioned above to:

or c.abbott@vmd.defra.gsi.gov.uk

To be received no later than noon, Friday 14 September 2018.

Please also include contact details of two referees who can be contacted to provide a reference prior to interview.

All candidates will be required to complete the following forms:

• Diversity Monitoring Questionnaire
• Political Activity Questionnaire.