HMRC Consultation outcome: Extension of offshore time limits
Released 6 July 2018
HMRC have published responses to the consultation on proposals to extend the time limits to assess tax involving offshore income, gains or chargeable transfers.
On 19 February 2018 the consultation document Extension of Offshore Time Limits was published on how to increase the assessment period for offshore tax to a minimum of 12 years after the end of the year of assessment to which it relates (for income tax and capital gains tax). The additional time will improve HMRC’s ability to establish the facts in offshore cases. Draft legislation for inclusion in Finance Bill 2018 has been published. Subject to final approval and the Parliamentary process, the draft legislation will be part of Finance Bill 2018 and the Extension of Offshore Time Limits will come into force following Royal Assent to the Finance Act 2019.