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Don’t get snared
KEY POINTS
- Under the requirement to correct any person with offshore non-compliance at 5 April 2017 must correct their affairs by 30 September.
- HMRC has four extra years to apply the assessing time limits.
- Taxpayers have options to correct compliance including the worldwide disclosure facility or the contractual disclosure facility.
- Past use of a professional adviser will not prevent a penalty applying.
- Keep even compliant arrangements under review.
Just as we return from our summer holidays an HMRC deadline is already looming namely 30 September for the requirement to correct (RTC) offshore non-compliance. The RTC was introduced by F(No 2)A 2017 Sch 18 and carries significant penalties for those who fail to act before the deadline.
What is the RTC?
The RTC requires...
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