Are you a taxpayer in the UK with any overseas assets, such as foreign property? If you fail to declare the income you receive from offshore assets, you could face penalties when the Requirement to Correct legislation comes into force next month. As a result of this new legislation coming into force on 30th September 2018, HM Revenue & Customs is encouraging taxpayers to declare any foreign income or profits on offshore assets, in order to avoid higher tax penalties. Taxpayers have to tell HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax or inheritance tax.
It’s time to declare your offshore assets
This 476 word blog post looks at the new Requirement to Correct legislation coming into force on 30th September 2018 and what this means for taxpayers with any overseas assets. Written on 1st August 2018.