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HMRC updates guidance on requirement to correct tax due on offshore assets.
HMRC has updated its guidance on the requirement to correct (RTC) tax due on offshore assets. The changes include the removal of the requirement to provide information to HMRC about assets held in any country outside the UK and any other persons or entities engaged to hold those assets to be considered for full penalty reduction
It confirms that if the taxpayer concludes that no tax is due from the non-compliance and provides an indication of the amount of income and gains not subject to tax, the taxpayer need not provide detailed calculations.
HMRC plans to update this guidance as and when required to aid understanding of the RTC rule and the way it operates in practice. It welcomes comments by email to consult.nosafehavens@hmrc.gsi.gov.uk.
The RTC applies to any person who has outstanding UK tax liabilities in respect of income tax, capital gains tax or inheritance tax involving offshore matters arising before 6 April 2017 (17 November 2017 for inheritance tax).
