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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.
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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