On 11 July 2018 HMRC issued revised guidance in relation to the Requirement to Correct (RTC) legislation.
On 11 July 2018 HMRC issued revised guidance in relation to the Requirement to Correct (RTC) legislation and there is a significant addition in relation to the circumstances applying whereby Failure to Correct (FTC) penalties may be avoided despite a 'correction' being made after 30 September 2018. This includes:
those who notify their intention to make a disclosure through the online HMRC Worldwide Disclosure Facility by midnight on 30 September 2018. The full disclosure must be submitted to HMRC no later than 29 December 2018 to avoid the FTC penalties;
where there is an ongoing enquiry, notify HMRC that you wish to make an RTC disclosure on or before 30 Sepember 2018. FTC penalties will not apply where all relevant information is supplied to HMRC by 29 November 2018; and
those who wish to make a disclosure of deliberate behaviour in relation to offshore tax non-compliance through the Contractual Disclosure Facility (CDF) should email HMRC no later than 30 September 2018.
There is also additional guidance provided in relation to the calculation of the FTC penalties and how these may be mitigated from 200% to the minimum 100%. A correction which is deemed to be promoted will incur a minimum penalty of 150% of the additional tax due.
On 11 July 2018 HMRC issued revised guidance in relation to the Requirement to Correct(RTC) legislation and there is a significant addition in relation to the circumstances applying whereby Failure to Correct (FTC) penalties may be avoided despite a 'correction' being made after 30 September 2018. This includes:
There is also additional guidance provided in relation to the calculation of the FTC penalties and how these may be mitigated from 200% to the minimum 100%. A correction which is deemed to be promoted will incur a minimum penalty of 150% of the additional tax due.
|
On 11 July 2018 HMRC issued revised guidance in relation to the Requirement to Correct(RTC) legislation and there is a significant addition in relation to the circumstances applying whereby Failure to Correct (FTC) penalties may be avoided despite a 'correction' being made after 30 September 2018. This includes:
There is also additional guidance provided in relation to the calculation of the FTC penalties and how these may be mitigated from 200% to the minimum 100%. A correction which is deemed to be promoted will incur a minimum penalty of 150% of the additional tax due.
|
© 2019 KPMG LLC, an Isle of Man Limited Liability Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.