The short version: Requirement to Correct was a 2018 deadline for people with undeclared offshore income or assets to come clean with HMRC. Miss it and the penalties were severe.
What happened?
HMRC gave people until 30th September 2018 to declare any offshore income, gains, or assets they hadn’t previously reported. This was a one time opportunity to sort things out with lower penalties.
What if you missed it?
Penalties for Failure to Correct are harsh. They start at 100% of the tax owed and can go up to 200%. There’s also an asset based penalty and potential public naming. HMRC takes offshore non-compliance seriously.
Does this still matter?
If you have undeclared offshore income, the deadline has passed but the obligation hasn’t. You still need to declare it. Coming forward voluntarily is better than waiting for HMRC to find you, which they increasingly can through international information sharing.
Have offshore income you haven’t declared? Get confidential advice on how to sort it out.
