Kate Johnson: HMRC's Requirement to Correct rules explained

Time is running out...

clock • 4 min read

Kate Johnson explores the HMRC's Requirement to Correct regime. With time running out before implementation, it is becoming increasingly important to make sure clients are aware of their obligations, she writes

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Appointed representatives: Are you really in control of the risks?

Appointed representatives: Are you really in control of the risks?

'The FCA doesn't just want oversight, it wants evidence'

Paul Bruns
clock 06 October 2026 • 7 min read
Manchester City charges: Treasury Committee chair raises tax questions with HMRC

Manchester City charges: Treasury Committee chair raises tax questions with HMRC

As Tax Policy Associates points to potential £12m in unpaid tax

Jen Frost
clock 02 October 2026 • 2 min read
'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'A voicemail is unlikely to suffice'

Gareth Fatchett
clock 02 October 2026 • 5 min read