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Offshore tax evasion has been a large problem for the UK. In order to help tackle it, HMRC will be receiving information on bank accounts and financial investments from hundreds of countries that have signed up to the Common Reporting Standard (CRS) – an automatic exchange of information that has been commissioned by the Organisation for Economic Cooperation and Development (OECD).
The CRS comes into force later this year. In the meantime, there is a ‘last chance’ opportunity for taxpayers to disclose any offshore tax evasion activities. So if you have undeclared UK tax liabilities in respect of offshore issues, you now have until 30 September 2018 to correct the situation – or you’ll face tough penalties.
The “Requirement To Correct” (RTC) will apply to undeclared Income tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT) arising from:
Non-compliance under the RTC can be corrected by:
Taxpayers falling within the RTC who do not correct their situation by 30 September 2018 will be subject to severe penalties – the minimum being 100% of the tax, with a maximum penalty of 200%. No penalty will be charged if the taxpayer has a reasonable excuse.
There may also be:
Voluntary disclosures should always be made sooner rather than later. If you would like us to review your affairs to help correct your tax situation and avoid future fines, please get in touch with our Tax Specialist Denise on 020 8530 0720. Or email email@example.com.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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