Requirement to Correct
19 June 2018
New legislation has been introduced requiring UK taxpayers (including non-UK resident trustees and non-resident landlords) who have undeclared UK tax liabilities on foreign income and assets to declare this to HMRC before 30 September 2018.
The new legislation is called Requirement to Correct (Section 67 and Schedule 18 of the Finance (No.2) Act 2017 and relates to liabilities to Income Tax, Capital Gains Tax and Inheritance Tax involving offshore matters or transfers.
HMRC suggests that you may want to draw your employees’ attention to this new legislation as substantially higher penalties of between 100-200% of the tax owed will be applied to those who fail to disclose any tax due on foreign income following 30 September 2018.
Further information for employees is available on GOV.UK.