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ARTICLE · 16 JULY 2018

Requirement To Correct: Are You Affected?

Mishcon de Reya LLP
Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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In the April issue of Tax Aware, we talked about the Requirement to Correct (RTC).

United KingdomTax
Andrew Goldstone
Andrew Goldstone
Nicola Simmons
Nicola Simmons
Morag Ofili
Morag Ofili

In the April issue of Tax Aware, we talked about the Requirement to Correct (RTC). With time now running out, taxpayers should take advantage of the existing opportunity to pay reduced tax penalties.

The RTC legislation contains a statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK tax position. Those who fail to do so, regardless of whether the error was a result of genuine mistake, carelessness or deliberate action, will face draconian penalties and other sanctions.

The provisions are wide-reaching and apply to persons who may have an undeclared UK income tax, capital gains tax or inheritance tax liability. This includes individuals, partnerships and trustees.

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