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Nov 28 2015

UK Tax Office to get Automatic Shared data from Australia

Australia will soon be automatically sharing Financial Data with UK

Automatic information-sharing between banks across the world means HM Revenue & Customs will soon be able to catch evaders almost anywhere.

More than 90 jurisdictions (INCLUDING AUSTRALIA) will begin to share the financial details of British residents, including bank accounts, property and trusts, which the Revenue can use to impose criminal sanctions and penalties on tax evaders.

If you have a tax liability that’s related to offshore income or capital gains it will automatically be deemed to be a criminal offence, under rules planned for next year, if these are not declared.

There are some countries that are not in this list of 90 Countries including the USA and the Philippines



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