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...

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