Kate Johnson: HMRC’s Requirement to Correct rules explained
Time is running out… “Clients should be encouraged to make use of this window of opportunity.” – Kate Johnson
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.
Who does it affect?
The affected taxpayers could be: any UK taxpayer or trustee who owns or holds offshore assets; any UK taxpayer who has an interest in offshore assets (e.g. a beneficiary of an offshore trust); any UK taxpayer who has moved income or the proceeds of sale from a UK assets to offshore; trustees of offshore trusts with UK tax liabilities; and executors of a UK domiciled person who held offshore assets at death.
Click here to read the full article by Kate.