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Taxation - Personal

When the USA passes laws relating to offshore income and assets, it's big news and around the world US citizens and those providing services to them get into something of a flap. But when the UK introduced, in November last year, a requirement for "anyone who has undeclared UK tax liabilities that involved offshore matters or transfers to disclose the relevant information about this non-compliance" there was barely a ripple. There should have been a storm because penalties are potentially devastating.

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