The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties

Related United Kingdom articles. Requirement to correct tax due on non-UK assets *. The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties *. Requirement to correct rule – prompt action advised to avoid penalties *.

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 · Requirement to correct rule – prompt action advised to avoid penalties. This is part of a range of legislation targeting offshore tax evasion. HMRC expects that the data exchange which will shortly take place as a consequence of the Common Reporting Standard (CRS) and other information exchange programmes will provide it with the details required to establish non-compliance.

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The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties HMRC now have a nuclear legislative weapon against offshore non-compliance, in the form of the ‘requirement to correct’ (RTC) legislation.

The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties Mark advises on matters of cross border taxation and international estate planning.. The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new.

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Requirement to Correct tax due on offshore assets Find out who has a Requirement to Correct, when a correction must be made, and what the penalties are for non-compliance. Published 16 November 2017

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