Owners of property abroad are being reminded that offshore assets, including property, are liable to UK tax.

Charlie Hall, tax investigations partner at accountancy firm Grant Thornton is advising second home owners that failing to correctly disclose liabilities on overseas property can result in severe penalties and charges.

However, Britons who know they are in breach of the overseas taxation requirements could limit their problems by being proactive and going to Revenue & Customs before they are contacted to explain themselves. Penalties could be significantly reduced as a result.

Following last week's landmark ruling ordering Barclays to disclose details of its offshore account customers, the Revenue is widely expected to start a general crackdown, extending its enquiries to other banks.

Many of the UK's more than 250,000 residents with second homes abroad could also be affected by the move.

The Revenue estimates that Britons with offshore interests could owe as much as £1.5 billion in unpaid income tax overall.

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  1. avatar
    Carol McDonald