HMRC has updated its guidance on the ‘requirement to correct’ rules for offshore matters with more information about the precise requirements to make a disclosure by 30 September 2018, and about penalty reductions.
Examples are provided of the limited circumstances in which penalties may not be charged where information is provided later than 30 September 2018. These include where:
Further detail has been added about the reductions available from the standard 200% penalty (to a minimum of 100%), based on the level of co-operation and the quality of disclosure (including telling HMRC about anyone who helped enable the non-compliance). The guidance lists a number of examples of ‘telling, helping and giving’.
HMRC has updated its guidance on the ‘requirement to correct’ rules for offshore matters with more information about the precise requirements to make a disclosure by 30 September 2018, and about penalty reductions.
Examples are provided of the limited circumstances in which penalties may not be charged where information is provided later than 30 September 2018. These include where:
Further detail has been added about the reductions available from the standard 200% penalty (to a minimum of 100%), based on the level of co-operation and the quality of disclosure (including telling HMRC about anyone who helped enable the non-compliance). The guidance lists a number of examples of ‘telling, helping and giving’.