Re: Re: British expats must declare overseas assets


@jakesuper wrote:

Someone discovered to have more than 50,000 euros in an undeclared overseas account, for example, would be taxed at 52 per cent – the top rate. Additionally, the fine for failing to declare the account would be 150 per cent of the 52 per cent.

Slightly confused here. Normally it is income from assets or the liquidation of assets that is taxed. Not the value of the asset itself. Are they suggesting they will tax the value of the asset? So if you own a house in the UK that you don’t rent out, will they tax you just for owning that property or will they only tax you CGT if you sell it?