Draft legislation: The Value Added Tax (Amendment) Regulations 2018 - CIOT comments

9 Feb 2018

This requires UK taxpayers to make sure that all their foreign income and assets, where there might be tax to pay, have been correctly declared to HMRC before 30 September 2018. From 1 October 2018, new, substantially higher penalties will apply for those who have failed to correct their tax position and pay all the tax due on foreign income and assets. To avoid these new penalties, action must be taken now. HMRC‚ s factsheet explains further and provides links to more detailed guidance.