HMRC have asked us to share their document on the new “requirement to correct” legislation which takes effect later this year from 1 October 2018. The document is available at:- https://www.charteredaccountants.ie/docs/default-source/Tax/uk-docs/the-requirement-to-correct.pdf?sfvrsn=2.

This legislation means that unless a UK taxpayer has declared all their foreign income and assets, where there might be tax to pay, to HMRC before the 30th September 2018 then new, substantially higher penalties will apply for those who have not made a full declaration.