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RTC guidance updated.
Guidance on the requirement to correct (RTC) tax due on offshore assets has been updated. The changes include the removal of the requirement to provide information to HMRC about assets held in any country outside the UK and any other persons or entities engaged to hold those assets to be considered for full penalty reduction.
HMRC confirms that, if the taxpayer concludes that no tax is due from the non-compliance and provides an indication of how much income and gains are not subject to tax, they need not provide detailed calculations.
Comments on the guidance should be emailed to consult.nosafehavens@hmrc.gsi.gov.uk.
The RTC applies to any person who has outstanding UK tax liabilities on income tax, capital gains tax or inheritance tax involving offshore matters arising before 6 April 2017
(17 November 2017 for inheritance tax).
