Britain’s so-called “requirement to correct” (RTC) legislation came into force on 30 September 2018.
The new law requires taxpayers to declare any foreign assets that could affect their UK income tax, capital gains tax or inheritance tax.
Investors who notified HMRC (Her Majesty’s Revenue and Customs) before the deadline were granted 90 days to disclose any offshore assets and pay the relevant tax due.
Australia, Switzerland and Singapore are among the countries that have signed up to let tax authorities share information internationally.
Any individuals who have paid the incorrect amount of tax on overseas income in previous years must have corrected their tax returns by the deadline, or the potential fine will double to 200% of tax owed.