There is a very complex tax system in place in the UK. As a general principal, anyone who is UK resident is taxable on their worldwide income and gains. Also due to changes in recent years, any UK residential property is now within the charge to UK tax regardless of where the owner is resident. Given the information sharing that takes place around the world now under the Common Reporting Standard (CRS) it is more important than ever for taxpayers to be fully compliant when dealing with their UK tax affairs. If you do not disclose everything and later find yourself the subject of an investigation, you will have to pay any tax due, plus interest and plus what can be quite substantial penalties. In the worst cases, you can also be “named and shamed” by HMRC.