New UK Tax Compliance Extends to Trustees of Overseas Companies

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With the deadline merely two and half months away, law firms and service providers are urging their UK-based clients and those with UK residency to organise and legalise their tax affairs dating back to as long as 20 years.

The UK HMRC has released new guidance on the obligation to correct offshore non-compliance, clarifying how to reduce penalties and details of the deadlines once the taxpayer becomes liable. The publications show that the law will be extended to include trustees and shareholders of all UK companies with subsidiaries overseas.