Newsletter Spring 2018

Requirement to correct

New tax law places a requirement on the taxpayer to correct their past tax position in relation to tax due on overseas assets and transactions, rather than on HMRC to discover the facts.

If you make the correction on or before 30 September 2018, and pay any tax due, you will face the normal level of penalties (up to 100% of the tax). If the disclosure is made after that date, the penalties can be up to 200% of the tax due and, in addition, you could be subject to additional penalties based on the value of any assets which you hold overseas.

If you have any doubts about accounts you hold offshore, or deals you have made with overseas entities, now is the time to talk to us about them.