Contact

News & Insights

RTC Deadline Looms

The deadline for compliance coincides with the date on which HMRC will, under the Common Reporting Standard, begin accessing information from 100 countries, on assets and accounts held in the name of UK resident taxpayers, which forms part of global initiative to reduce tax evasion.

RTC application and time limits – what you need to know

RTC applies to companies, individuals and trustees who have offshore assets or made cross-border money transfers and covers all of the following:

  • Capital gains tax, income tax and inheritance tax
  • Assets held in a jurisdiction outside of the UK
  • Income from a jurisdiction outside of the UK
  • Income derived from activities that mainly occur in a jurisdiction outside of the UK
  • UK income transferred abroad before 6 April 2017
  • In cases of inheritance tax, the transfer of an asset outside of the UK
  • Any activity or asset that occurs to the effect of the first four above-listed points

Time limits for assessment depend on the level of good faith HMRC believe has been demonstrated by the taxpayer:

For example, HMRC will only investigate errors made in good faith if they occurred as recently as tax year 2013/14 or later; errors made carelessly from tax year 2011/12 and later; and, in the case of “deliberate error”, from tax year 1997/98 and later.

It is important to remember that HMRC may not always agree with the you as to whether an error was innocent, careless or reckless and it may seek to investigate regardless. However, there is an important defence available: reasonable excuse.

Reasonable excuse

Taxpayers may avoid penalty if they can demonstrate they have “reasonable excuse”.

Examples of reasonable excuse may include incorrect, fraudulent, “bad faith” or negligent advice from a suitable and qualified financial adviser. For example, if you have been advised by a professional adviser to take part in a “legal” financial management scheme in the Cayman Islands that you later learn falls foul of RTC legislation.

Contact Blacktower today

Blacktower Financial Management can help you to optimise your finances, including expat regular savings and other investments, while also ensuring that they are compliant with RTC.

Contact us today for more information.

Other News

Expat Healthcare in Spain

Medical tools and equipmentNow that the UK has left the European Union, healthcare for expats in Spain (or any other EU country for that matter) remains a question for many. We’re taking a closer look at the situation, to help you understand what might change and how this could affect your expat finances, and your general wealth management in Spain.

Receiving expert financial advice in Spain should be a priority for anyone currently living as an expat in Spain, especially for anyone expecting to need healthcare in Spain, and also for those who plan to make the move now that Brexit has occured.

Read More

Over a barrel

Blacktower Financial Management - Over a barrelI am compelled to discuss some sales tactics that are becoming increasingly frustrating by companies that are forcing their customers to take out products that they do not necessarily need or want.

I myself became a victim of this practice this week when hiring a car which was booked online and with full super cover taken and then only been forced to take out the hire companies insurance when I went to pick the car up – this is an ongoing situation for me which I am not letting lie and may update in a future article.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.