ARTICLE · 15 SEPTEMBER 2016

WeeklyTax Update - 5 September 2016

Smith & Williamson

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As reported widely, the European Commission (EC) has decided that Ireland granted undue tax benefits of up to €13 billion to Apple.

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Smith & Williamson

1.General

1.1 Consultation - Tackling offshore tax evasion: A Requirement to Correct

HMRC has issued a consultation on incentivising those with any UK tax irregularities in respect of offshore interests to correct those irregularities fully by 30 September 2018, after when, tougher sanctions will apply. The legislation will be introduced in Finance Bill 2017.

HMRC's aim is to provide a strong incentive for taxpayers to review their offshore affairs and come forward to put them in order before HMRC receives the full Common Reporting Standards (CRS) data from other tax authorities in September 2018.

For income tax, capital gains tax and inheritance tax, the new requirement to correct (RTC) past offshore non-compliance will apply to any taxpayer who has an outstanding UK tax liability or obligation as at 5 April 2017 that relates wholly or in part to an offshore issue in one of three areas:

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