Pandora Papers: Declaring undisclosed wealth to HMRC
As of June 2023, taxpayers who were named in the leaked Pandora Papers are being given a final chance to set their tax affairs straight.
The leak in October 2021 revealed through almost twelve million documents that some taxpayers were using shell companies to hide wealth, avoiding tax charges on property and luxury items like yachts.
After reviewing the papers, HMRC has identified UK residents who may have untaxed assets in offshore havens and is now writing to warn them of potential penalties.
The letters inform recipients that if they do not report their overseas income correctly, they could face financial penalties or prosecution.
If you have received a HMRC Pandora Papers letter, here is what you should know about the situation and what you should do next.