HMRC have recently launched a taskforce to target hidden wealth in South Buckinghamshire, Berkshire, Dorset, Hampshire, Isle of Wight, Kent, Surrey, Sussex and Wiltshire.

Attention will be focused on individuals and businesses with offshore accounts and those living lifestyles beyond their apparent means through assets from undeclared income.  HMRC anticipate the exercise will fetch £2.8 million.

David Nash, Partner at Magma said: “Individuals and other entities with undisclosed income or gains should seek advice urgently to ensure that they are compliant with their tax filing and payment obligations. HMRC have significant amounts of information and data and are using increasingly sophisticated methods to target tax evasion. Disclosure options exist for affected persons and taking urgent advice can result in significant savings.”