High penalties for offshore tax evasion
There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for
Requirement to correct tax due on overseas assets
The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to
New offshore tax penalties
New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers
HMRC’s requirement to correct
The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK