Jon Preshaw and Natalie Martin (PwC) identify areas of possible risk.
Finance (No. 2) Bill 2017 introduced the requirement to correct (RTC) regime. The rules are not in fact a requirement to correct but impose significant penalties for failing to correct any ‘relevant offshore tax non-compliance’ relating to periods up to 5 April 2017 within a period which began on 6 April 2017 and ends on 30 September 2018.
The scope of the legislation is very wide and applies not only to income tax and capital gains tax but also to inheritance tax (IHT). For IHT purposes ‘offshore tax non-compliance’ includes a failure to file and the delivery of an incorrect return. For the penalty to apply the tax non-compliance must involve an offshore matter or an offshore transfer.
IHT particularly as it applies to non-UK resident trusts is one of the more complicated...
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Jon Preshaw and Natalie Martin (PwC) identify areas of possible risk.
Finance (No. 2) Bill 2017 introduced the requirement to correct (RTC) regime. The rules are not in fact a requirement to correct but impose significant penalties for failing to correct any ‘relevant offshore tax non-compliance’ relating to periods up to 5 April 2017 within a period which began on 6 April 2017 and ends on 30 September 2018.
The scope of the legislation is very wide and applies not only to income tax and capital gains tax but also to inheritance tax (IHT). For IHT purposes ‘offshore tax non-compliance’ includes a failure to file and the delivery of an incorrect return. For the penalty to apply the tax non-compliance must involve an offshore matter or an offshore transfer.
IHT particularly as it applies to non-UK resident trusts is one of the more complicated...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")