Offshore assets – Anything to declare?

You have until 30 September to get your offshore tax affairs in order with HMRC, following the introduction of new legislation, part of a package of measures brought forward by the government to tackle offshore tax evasion

“Requirement to Correct” (RTC) rules were revived in a second Finance Bill 2017 which created an obligation for taxpayers to notify the Revenue if money held offshore before 6 April 2017 has not been taxed or reported. Any outstanding liabilities relating to income tax, capital gains tax and inheritance tax, therefore, must be reported to HMRC by 30 September 2018.

The cut-off date is significant. The 30 September 2018 is also the day on which HMRC will receive Common Reporting Standard (CRS) data – accounts held by UK residents in around 100 countries will be exchanged automatically with HMRC. CRS is a way for countries to automatically exchange tax information in a process that has been d