Travel to Cyprus

Cyprus Property Lawyers – Review – Offshore Assets

For those UK nationals who invested in property abroad thinking their assets were safe from the tax man….Think again! The tax man is out to get you!

Her majesties Revenue & Customs has set up a new investigative team to concentrate solely on finding individuals with assets abroad in order to collect any tax payable by them.

This is because of the EU laws that allow the tax man to collect any unpaid tax from other countries, they can even go in to your bank account and take out your money or seize your assets and your permission is not at all required.

The co-ordination between different countries and land registry offices means that all information is readily available and it may not be a speedy process but they will get to you eventually.  In order to avoid heavy penalties it is advised to declare your property abroad before they find out this way they may just close the case without penalties.

This is only one sector by the HMRC they also have a specialist team working on individuals who keep income and assets offshore in order to avoid the tax man.  It is just no longer possible to hide such finances due to data now being available to them.

There’s no where to hide and with the economic crisis as it is of course all will be done to crackdown on such activity it is undeclared income and tax that will help towards the government debt.

So the warning is get your house in order now as to not look like a tax cheat or face the consequences!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 30TH NOVEMBER 2011.

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