On 5 December 2016, HMRC published draft ‘requirement to correct’ (RTC) legislation. With effect from 6 April 2017, those who do not put their offshore tax affairs in order by 30 September 2018 will be subject to significantly increased penalties.
This new requirement is timed to coincide with the recently introduced Common Reporting Standard (CRS), under which HMRC will automatically receive details of offshore income and assets from over 100 overseas jurisdictions. HMRC may not have previously had the necessary information to identify UK residents’ offshore non-compliance, but the information it will soon start receiving under the CRS will change that.
To find out more, please download our flyer which includes:
- background to the RTC;
- do I have something to correct? - the importance of being certain;
- how to correct; and
- how will HMRC investigate?
If you would like to discuss any concerns you may have and how these may be resolved to ensure compliance and provide peace of mind going forward, please contact Andrew Hinsley, Andrew Walker or your existing RSM contact.