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Property confessions encouraged
Key points
- HMRC uses multi-source data including from the Land Registry to identify cases where it is possible insufficient UK tax was paid.
- Many different tax issues could affect offshore corporates and related trusts beneficiaries and settlors and consideration should be given to ensure no mistakes were made.
- HMRC intends starting a new campaign to nudge offshore corporates holding UK property to correct their UK tax positions and encourage connected individuals to check and correct too.
- Individuals trusts and corporates that need to rectify mistakes should seek specialist advice on how to proceed.
- Consideration should be given to assessment time limits and penalties during the preparation of disclosures.
Transparency often shines a light on areas of the tax system to which HMRC advisers and taxpayers should pay more attention. The rapid enactment of the Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA 2022) contained...
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