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All present and correct

In view of the strict penalties for failing to correct tax errors,

John Cassidy advises solicitors to make sure clients with

offshore affairs have them reviewed without delay

3 May 2017

It may seem bizarre, but until the Finance (No. 2) Bill 2017, there was no tax legislation which specifically required that tax errors be corrected. That is all set to change with the ‘requirement to correct’ (RTC) rules due to become law once the bill receives royal assent.

Schedule 29 of the bill applies to anyone who, at 5 April 2017, has under-declared tax linked to offshore matters. The draft legislation introduces an obligation to correct this issue before 30 September 2018. This is the end of the period during which the late adopting countries will provide huge amounts of data to HMRC concerning holders of offshore assets, such as bank accounts, under the common reporting standard (CRS). Once that data has been received, HMRC will be fully aware of what offshore assets are held and will therefore be able to ask relevant questions of the taxpayer in order to try to unearth additional, previously under-d...

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