The Requirement to Correct
12 April 2018
A NEW COMPLIANCE OBLIGATION FOR UK TAXPAYERS
New legislation that requires taxpayers with outstanding tax liabilities relating to offshore interests, where they have yet to put their UK tax affairs in order, to come forward and correct those liabilities by September 2018.
The consequence of not meeting the requirement and carrying out the necessary correction within the
defined window will see taxpayers subjected to a new set of legal sanctions for ‘‘failing to correct’’, including a minimum penalty of 100% of the tax.