Requirement to Correct
The Requirement to Correct provisions were introduced by the Finance (No 2) Act 2017 and require taxpayers with outstanding UK tax liabilities relating to offshore interests, to come forward to correct their filing and tax position before 30 September 2018. This deadline has been extended in limited circumstances.
Those who fail to do so face severe financial penalties and the risk of being “named and shamed” for non-compliance under the Failure to Correct (FTC) regime, in addition to the payment of the outstanding tax liability.
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