Alder: HMRC should be required to correct their own records

The taxpayer’s life is once being put through the wringer in trying to comply with HMRC’s latest initiative, requirement to correct (RTC), says Nick Alder, tax investigations partner at Kreston Reeves

RTC introduces the prospect of draconian penalties should anyone be found to have understated their personal tax liability as a result of undeclared overseas income. No one should have any sympathy for those that have deliberately set out to hide assets abroad from HMRC, and especially those where the assets are actually generating income which is not being declared.

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