The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties

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The Corrections: taxpayers required to address errors in offshore tax reporting by 30 September 2018 or face stringent new penalties For some years now, the UK tax legislation has tended to treat offshore non-compliance by UK taxpayers more harshly than non-compliance in relation to UK income or assets.

any potential UK tax liability as at 5 April 2017 will be required to correct any issues with their historic UK tax position. Those who fail to do so by 30 September 2018, regardless of whether any tax omissions are the result of deliberate evasion or a result of genuine mistakes, will face severe financial penalties and other sanctions.

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LEGAL UPDATE: Tough new penalties are being introduced from 30 September 2018 for those that have made errors in their UK tax returns relating to ‘offshore tax matters’. A new legal obligation will require taxpayers to correct any returns that fail to properly report offshore matters that would give rise to a UK tax liability.

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