30 September 2018 should be marked clearly in the diary of anyone whose tax affairs include non-UK (“offshore”) assets. From that date, HM Revenue & Customs (“HMRC”) will apply tougher sanctions to those who have failed to address deficiencies in how they have reported their offshore interests (the so-called “Requirement to Correct”).
In a significant change in approach, HMRC’s incentives to come forward are giving way to penalties which could triple the outstanding tax liability (regardless of the reason for the error). This impending deadline makes it more important than ever to take the opportunity to ensure that one’s tax affairs are well and truly in order. Please download our briefing note below:
The Requirement to Correct: what you need to know in 2018 - Download now