HMRC issue consultation on Tackling offshore tax evasion: A requirement to correct

By Steven Pinhey, Tax Director

On 24 August 2016 HM Revenue & Customs issued a consultation of Tackling offshore tax evasion: A Requirement To Correct (RTC).

The consultation set out the proposals to require any person who has undeclared UK tax liabilities in respect of offshore matters to correct the situation by September 2018, or face tougher new penalties for their ‘Failure to Correct’ (FTC).

The consultation seeks views on the approach to designing the RTC and the accompanying sanctions under the FTC for failure to do so.

HMRC believe that the RTC proposal together with the increased sanctions both civil and criminal for failing to correct will provide a strong incentive for taxpayers to review their offshore affairs.

Here at Lubbock Fine we are committed to ensuring that taxpayers’ views, concerns and safeguards are heard and considered by HMRC and will be responding to this consultation in due course.

Our client portfolio is truly international and we are well positioned to provide the advice and reviews necessary to give you peace of mind. If you would like to discuss your offshore arrangements with people who have the expertise to provide sensible commercial professional advice, speak to one of our partners or Steven Pinhey, our Head of Tax Disputes and Resolutions on 020 7490 7766 or email stevenpinhey@lubbockfine.co.uk.

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