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ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Requirement to Correct
BLOG21st Nov 2017
As most people are now aware, there is a consensus among worldwide tax authorities to gather and share information to minimise tax avoidance through utilising offshore interests. The aim is, of course, to ensure that all tax revenue is collected. The Common Reporting Standard (CRS) was introduced as a global standard for the automatic exchange of information and the UK now has reciprocal agreements with hundreds of other countries to share relevant tax information.
HM Revenue & Customs (HMRC) have already been acting on information received under the CRS process. Letters regarding offshore investments and assets have been issued to taxpayers requesting the completion and signing of wide ranging declarations on the accuracy of historical tax reporting, with the wording not limited to the offshore investments.
As we approach the first full automatic exchange of information between those countries, HMRC will begin imposing significant sanctions against individuals who have not previously declared such information, and have underpaid their UK taxes.
The Requirement to Correct (RTC) now imposes upon individuals, Trusts and Estates a requirement to submit a full disclosure to HMRC correcting any underpaid UK tax in respect of offshore interests by the 30th September 2018. Should they fail to do so by this deadline, the new tougher RTC sanctions will be imposed.
The rules relate to UK income tax, inheritance tax and capital gains tax payable in connection with offshore matters.
The potential sanctions are as follows:
The sanctions also apply to genuine errors and mistakes. Under current regimes, there is a distinction between careless errors and deliberate ones, with the potential for a nil penalty for the former. However, the minimum charge will be 100% in RTC failure cases.
In view of all of the above measures, anyone who holds overseas assets or investments should undertake a review of their tax reporting as soon as possible, and well before September 2018. Professional advice is also essential before any declarations are signed, or any type of disclosure is made to HMRC.
For more information on the above matter, please do not hesitate to contact Stuart Petrie or your usual AAB contact.
How AAB can help
Our team support a diverse array of individuals such as employed professionals, business owners, families and international sports stars. As AAB clients, they all benefit from absolute confidentiality and share a unified goal of optimising and safeguarding their personal wealth. Our services extend far beyond mere tax return completion. In addition to standard personal tax compliance, our dedicated team of personal tax specialists delivers dependable and practical tax advice, ensuring full compliance and optimal positioning.
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