Requirement to Correct
Requirement to Correct (RtC) was a law HMRC used to prompt those with undeclared offshore income, wealth or assets to declare it by 30th September 2018.
If you didn’t comply with the Requirement to Correct before the deadline, you faced penalties for failing to correct. Officially, this was called FtC – Failure to Correct. And the penalties were significant.
- At least 100% of what you owe
- Most commonly, you paid 200% of unpaid penalties
- A second penalty of up to 50%
- An asset-based penalty where you paid 10% of the asset and also got named and shamed!
What if I had an excuse for missing the Requirement to Correct deadline?
Whether your excuse was human error, tax fraud or even just careless behaviour, you were penalised in the same way.
Read more about HMRC’s powers to chase your offshore affairs here.
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