LITRG reminder of 30 September deadline for Requirement to Correct
Released 12 September 2018
The Low Incomes Tax Reform Group (LITRG) is reminding UK taxpayers they must declare historic foreign income and gains to HMRC by 30 September 2018.
The ‘Requirement to Correct’ requires taxpayers who have not declared and paid UK tax on all their foreign income and gains to HMRC to bring their tax affairs up to date before 30 September 2018. From 1 October 2018, new and significantly higher penalties will apply to UK taxpayers who have failed to pay all the UK tax due on their foreign income and gains.
HMRC are beginning to receive information about foreign income and assets under the Common Reporting Standard (CRS) exchange of information which will provide HMRC with information on UK taxpayers’ bank accounts, investments and trusts held around the world. HMRC will use this information to look for people who have not declared their foreign income and gains in the UK, open tax enquiries, issue tougher penalties, and take forward criminal prosecutions against those who avoid paying the tax they owe.
View the press release The Requirement to Correct – 30 September deadline fast approaching!.