VMI limits late investment-account fixes to genuine errors

Post-deadline correction or declaration of investment-account data serves to fix filing errors and belatedly meet the declaration dutyVMI — not to avoid paying tax or to retrospectively choose a more favourable tax regimeVMI. That purpose limitation now applies across VMI’s investment-account correction guidance, in the answer on correcting reported data as well as in both post-deadline answersVMI; previously only the first answer warned against abuseVMI, while the other two set no conditionsVMI.

The first answer covers corrections to investment-account data already reported in the GPM311 income-tax return. Residents declare the account after the tax period ends, by 1 May of the following year — for 2025 reporters the filing deadline had been extended to 1 June 2026 — and the data may then be corrected. That correction route exists to fix declaration errorsVMI, not to avoid paying tax or to opt for a better regime afterwardsVMI.

The second answer covers declaring after the deadline has passed: a resident may still declare a new investment account or assign a previously undeclared account to the regimeVMI, either by amending a timely filed return or by filing a return for the first time after the deadlineVMI (for 2025, after 1 June 2026). The third answer covers post-deadline corrections of already declared data, including removing entries and adding new ones. Both answers now add that the route serves to correct errors and, or, to fulfil the declaration duty lateVMI — never to escape tax or to re-pick the regime with hindsightVMI.

By way of background, a resident may declare more than one investment account, each declared through the GPM311 return, and money in the account may be used only for eligible financial products: using it for other purposes counts as a payout from the account, with the income tax then calculated on the amount paid out. In practice, an amendment that changes the tax outcome without an underlying error or a genuinely late filing now sits outside the stated purpose of the correction routeVMI.

Legal basis: the guidance follows the VMI investment-account declaration rules (Order 2024-22547) and the GPM311 form, filing and correction rules (Order VA-93).