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Why is the government now cracking down on undeclared tax?

There is no doubt that the last few years have seen the UK government take a more hard line approach on undeclared income and undeclared assets with regards to those who are liable to pay taxes in the UK. As the worldwide financial markets become more accessible via the Internet and other media sources, it is now possible to deal in any shares overseas and potentially hide assets and income from the UK taxman.

As a consequence the government has taken a decision to invest more money into HM Revenue and Customs and try to stop the increase in undeclared tax which is certainly required at this moment in time. The government has also introduced a number of joint ventures and join agreements with former tax havens of the past and it is known that the likes of Luxembourg have passed over the names of UK citizens with assets in the country.

In order to reduce the cost of chasing the payment of potentially undeclared tax the government has issued a number of amnesties in recent times to give people the chance to step forward under their own steam. However, they have also made it very clear that those who are known to the authorities and do not step forward will be taken to court and feel the full force of HM Revenue and Customs and full range of penalties at their disposal.

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