Folkes Worton Insight

Foreign currency considerations

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency

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Folkes Worton Insight

High penalties for offshore tax evasion

There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for offshore matters, has

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Folkes Worton Insight

Non-resident landlord’s scheme

The Non-resident landlord (NRL) scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC

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Folkes Worton Insight

New offshore tax penalties

New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore assets. HMRC has published a news release urging taxpayers with undeclared

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Folkes Worton Insight

HMRC’s requirement to correct

The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that

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