Under the Finance (No.2) Act 2017 taxpayers are required to correct undeclared past UK tax liabilities under the Requirement to Correct or RTC in relation to their offshore financial interests as at 5 April 2017 or face additional penalties. The tax non-compliance must relate to income tax, capital gains tax or inheritance tax.
As it stands currently, taxpayers have until 30 September 2018 to declare their undisclosed liabilities, although it is still not clear whether the disclosure must have been completed and the liability paid by that date.
Read a copy of our Briefing Note entitled “Offshore Non-Compliance: The Requirement to Correct – Where are we now and how we can help” to find out more about what happens if an error is not corrected by the deadline and the defences available.
Our experienced Wealth Planning team can advise on identifying UK tax issues requiring correction as well as recommending the best course to follow from the options available under the RTC.