Amit Puri explains that the deadline for registering with HM Revenue & Customs to make a tax disclosure under the Requirement to Correct (“RTC”) rules has passed. The RTC rules required people with historic offshore irregularities as at April 5, 2017 or earlier to correct them by September 30, 2018.
Now, new Failure to Correct (“FTC”) penalties are in force. By requiring people to correct undeclared offshore tax liabilities by a set date, HMRC created a new legal obligation. The failure to meet this obligation is used to trigger the new FTC penalties which are considered in turn. Read Amit’s published article
here.