[rɪˈkwaɪəmənt tuː kəˈrɛkt]
Requirement to correct was a law that required individuals or companies to declare all of their undeclared offshore tax liabilities by 30th September 2018.
Requirement to correct was the legal obligation in the United Kingdom to disclose any undeclared offshore tax liabilities to HMRC on or before 30th September 2018. This disclosure was required to include information about the current value of the assets, the location of the assets, and any untaxed income or gains generated by these assets.
This was to ensure that individuals with offshore tax liabilities paid the correct amount of tax in the UK.
If this was not completed and individuals were found to have these offshore tax liabilities, they would face significant penalties for failing to correct. These penalties could be up to 200% of the tax owed.
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