HMRC will very soon be given information automatically of interest and assets held by UK residents in British Crown Dependencies such as the Isle of man and the Channel Islands and in so-called overseas territories such as Anguilla, Bermuda, the BVI, the Cayman Islands, Gibraltar, Montserrat and the Turks & Caicos Islands.
Thus HMRC will be investigating any UK residents who have received interest or who hold assets in these countries where income has been understated on tax returns.
If you have any interest, rental income or assets arising in any of these jurisdictions which may not have been reported on tax returns, do contact us immediately. It is possible to disclose more cheaply and simply using a particular procedure up until 2016.
Of course, the sooner the better.