Offshore assets: requirement to correct

Last year HMRC introduced new legislation called the Requirement to Correct. This required UK taxpayers to make sure that all income tax, capital gains tax and inheritance tax due on foreign assets had been declared to HMRC before 30 September 2018.

From 1 October 2018, substantially higher penalties will apply for those who have failed to pay all the tax due on their foreign income and assets.  These penalties will start at 200% of the tax due.

If you are concerned that you haven’t told HMRC about foreign income or assets, or that you have transferred UK income abroad without paying the UK tax on it, you should contact us as soon as possible.