Kate Johnson: HMRC's Requirement to Correct rules explained

UK taxpayers with offshore assets and trustees of offshore trusts which own, or have previously owned, UK assets may be affected by the Requirement to Correct (RTC) regime which has been launched by HM Revenue and Customs (HMRC). Those with undeclared offshore assets must declare them to HMRC on or before 30 September, or risk strict penalties being applied. The RTC regime was introduced as part of the Finance (No.2) Act 2017 and creates an obligation on UK taxpayers to notify HMRC, by 30 September this year, of any "offshore non-compliance". Failure to disclose on or before this date...