Ask an expert: HMRC enquiring into overseas assets

Question

My client has invested his money in holiday homes in three different jurisdictions and has bank accounts to cover the running costs for each property. He believes he is UK tax compliant; however he is concerned by the recent announcement from HMRC that it is targeting offshore accounts and has received a letter asking whether his tax affairs are up to date. He has also read about the automatic exchange of information and wants to clarify whether this will affect him and if so how?

Answer

Since 2005 HMRC has been targeting UK residents holding overseas assets using information acquired via legal gateways third parties and UK information powers with the aim of identifying people that owe tax. It would seem likely that...