Grace period for UK Tax Residents to Report Worldwide Income and Assets

Background

Requesting the Government to create a short-term grace period for UK tax residents to report worldwide income and assets without penalties. We think HMRC should provide clear guidance and support to help people comply and avoid unexpected tax bills.

Additional details

We think that many UK tax residents don’t realize they must report worldwide income, which could lead to penalties and unexpected tax bills. We think a short-term grace period would help people fix mistakes without heavy penalties. We think this would promote fairness, improve understanding, and give taxpayers a chance to comply before facing enforcement.

Where it’s popular

Constituencies with the most signatures on this petition.