HMRC has begun writing to UK resident non domiciled (RND) taxpayers who have claimed the remittance basis of taxation, 2018 eprivateclient Top Law Firm Edwin Coe has warned.
The letters provide details in relation to the Requirement to Correct (RTC) deadline (30 September 2018) and the ramifications if UK tax remains due on overseas income or gains post the deadline’s expiration.
HMRC states that from 1 October 2018, it will charge “much higher penalties” and the penalty will be 200 percent of the tax due. However HMRC can reduce the penalty based on the level of co-operation and the qu...