If you are a tax resident in the United Kingdom (UK), this communication will be important for you.
The UK has introduced mechanisms via which taxpayers must report undeclared tax liabilities on overseas incomes. Known as the Requirement to Correct or RTC, there is now an obligation for anyone who has undeclared UK tax liabilities arising from offshore transfers or matters, to disclose the correct information to HMRC. If the non-compliance is not corrected by 30 September 2018, there could be penalties.
Further information maybe found in the Gibraltar International Magazine.
Kind reminder, that this does not constitute legal advice or an endorsement of the information contained within. You are encouraged to obtain your own independent advice.
