Until now, UK taxpayers have been coaxed into coming forward with non-compliance issues relating to offshore assets by HMRC charging lower penalties than if they had discovered the errors themselves, but this is all about to change.

In less than a month, the September 30 deadline for the Requirement to Correct (RTC) will be upon us, coinciding with a new Failure to Correct (FTC) penalty regime. Simultaneously, more information from offshore jurisdictions will be coming online through the Common Reporting Standard (CRS).