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Any offshore income to declare?
Key points
- HMRC is obtaining more information than ever before on offshore accounts through automatic information exchange agreements.
- Latest batch of nudge letters prompt taxpayers to check and correct their UK tax affairs in relation to offshore issues.
- HMRC checked the data to the individual’s returns before the nudge letters were issued.
- The letters enclose a certificate of tax position – although there is no statutory requirement to complete the certificate replies should be sent to the letter.
- Care is needed when checking a client’s tax position and also when completing disclosures to correct mistakes particularly due to updated assessment time limits and penalty legislation.
Since adopting the common reporting standard (CRS) in September 2017 HMRC has obtained information from numerous overseas tax authorities on assets held by UK residents in foreign jurisdictions. HMRC issued ‘nudge’ letters to taxpayers using the data it obtained through the CRS and...
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