HMRC opens consultation on time limit changes


On 22 February 2018, Her Majesty’s Revenue & Customs (“HMRC”) in the UK announced (Link) that is has opened a consultation on plans to change the time limits from four years, or six years where a suspected underpayment has been brought about due to carelessness. The time limit will remain 20 years where the taxpayer has acted deliberately or dishonestly.  The consultation (Link) sets out the government’s proposed changes in relation to income tax, capital gains tax and inheritance tax, along with associated safeguards. It also proposes applying the new time limits in respect of corporation tax, “given that many offshore structures involve corporate entities”.

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