Katharina Byrne (LexisNexis) considers some key points for advisers before the RTC window closes on 30 September.
The requirement to correct (RTC) regime is set out in F(No. 2)A 2017 s 67 and Sch 18. It requires taxpayers who at the end of the 2016/17 tax year have ‘relevant offshore tax non-compliance’ (i.e. undisclosed UK income tax CGT or IHT liabilities in respect of offshore interests) to correct the position by telling HMRC about the outstanding tax due on or before 30 September 2018.
The date of 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).
Failure to disclose the relevant information to HMRC on or before 30 September 2018 will result in the person becoming liable to a...
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Katharina Byrne (LexisNexis) considers some key points for advisers before the RTC window closes on 30 September.
The requirement to correct (RTC) regime is set out in F(No. 2)A 2017 s 67 and Sch 18. It requires taxpayers who at the end of the 2016/17 tax year have ‘relevant offshore tax non-compliance’ (i.e. undisclosed UK income tax CGT or IHT liabilities in respect of offshore interests) to correct the position by telling HMRC about the outstanding tax due on or before 30 September 2018.
The date of 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).
Failure to disclose the relevant information to HMRC on or before 30 September 2018 will result in the person becoming liable to a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
