HMRC has released a consultation document detailing proposals of new Requirement to Correct (RTC) legislation. The proposed legislation will require any person that has undeclared UK tax liabilities in overseas interests to correct the situation by disclosing the appropriate information to HMRC. This proposal aims to compel such persons to put their UK tax affairs in order ahead of the widespread adoption of the Common Reporting Standard (CRS).
By 2018, over 100 countries will be implementing the CRS and exchanging financial information amongst one another which may be used to discover cases of tax evasion. The UK will be adopting CRS in September 2018 and following this, there will be a simplified and more severe set of sanctions for off...
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