Readers are reminded that the new requirement to correct legislation takes effect later this year from 1 October 2018. HMRC have asked us to share their document on this legislation which is available on our website www.charteredaccountants.ie.

The 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 30 September 2018, then new substantially higher penalties will apply for those who have not made a full declaration.