Requirement To Correct - HMRC - 30th September 2018

All about the Requirement To Correct (RTC), deadline the 30th of September 2018.

The Government website first published about this in November 2017 and updated in August 2018.

From the Gov.uk website:
¨The purpose of the RTC legislation is to require those with undeclared offshore tax liabilities (relating to Income Tax, Capital Gains Tax or Inheritance Tax for the relevant periods) to disclose those to HMRC on or before 30 September 2018.

This will allow HMRC to take the appropriate action, for example, the collection of tax, interest and any penalties due under the appropriate legislation currently in force. This will ensure that those with offshore interests pay the correct amount of tax. Where taxpayers are unsure whether they have undeclared offshore tax they will need to review their affairs to check whether action is needed to comply with the RTC.

30 September 2018 was chosen as the final date for corrections as this is the date by which more than 100 countries will exchange data on financial accounts under the Common Reporting Standard (CRS).¨

Full info plus sample ´cases´ on the gov.uk website.

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.