UK taxpayers who fail to disclose offshore income or gains, either by failing to notify HMRC of their chargeability to UK tax, failing to deliver a tax return or by submission of an incorrect tax return will face imprisonment and swingeing penalties says accounting, tax and advisory practice Blick Rothenberg.

Gary Gardner, a partner at Blick Rothenberg said: “Individuals with offshore interests and their advisers should be aware that HMRC is committed to enforcing the new legislation introduced in FA 2016 in relation to undisclosed offshore income and gains in respect of which the maximum sanction is six months imprisonment&r...