HMRC has rolled out its tough new strategy on offshore tax compliance. The ‘requirement to correct’ (RTC) imposes a legal requirement on taxpayers to disclose previously undeclared offshore matters; the deadline is 30 September 2018.
HMRC’s Wealth units are writing letters to all taxpayers within their units to advise them of this new requirement, with particular attention to individuals claiming non-UK domiciled status.
From 1 October 2018, tough new penalties and sanctions will apply to those who have failed to correct their offshore-related liabilities.
Please contact David Buck or David Nash, both on 01788 539000, if you are unsure of the application of the RTC to you.