Irish expatriates are being targeted by the British taxman as a result of information on 'offshore' accounts supplied by Irish banks, warns a specialist tax adviser.
The information concerns investments in banks based in locations such as the Channel Islands and Isle of Man, which British Revenue & Customs regard as offshore.
Alan McCann, a tax director at UK top 30 accountants and professional services group DTE, is urging Irish expatriates living in the UK to review their tax position urgently.
He believes they may be at risk of prosecution and punitive financial sanctions if they fail to disclose appropriate information to British Revenue & Customs.
"There appears to be widespread misunderstanding among the Irish expatriate community over whether or not funds invested in these offshore accounts are taxable in UK," explained Alan McCann.
"Irish expatriates must get it right because, depending on individual circumstances, the consequences could prove extremely costly. I would urge anyone with concerns over their tax situation to seek professional advice."
In situations where there are potential UK tax arrears, a voluntarily disclosure to UK Revenue & Customs is sometimes the most suitable route, as this is looked on favourably by officials and generally reduces any penalties.
Further information is available from Alan McCann at amccann@dtegroup.com or on +44 161 767 1200.
