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The Chartered Institute of Taxation has published guidance on HMRC’s latest correspondence to taxpayers seeking to track down undisclosed assets held offshore.
The institute say it understands that HMRC’s aim in sending these letters is to nudge or prompt taxpayers to review their tax returns to check that they are complete and correct; encourage those who need to rectify mistakes to make voluntary disclosures to HMRC; and encourage all recipients to update HMRC on whether their tax position is up to date to enable HMRC to efficiently follow up on the letters as needed.
The guidance provides information about the letters together with some assistance for advisers on how to decide the best way to respond if a client receives a letter - an example of the standard wording for these letters is included in the update.
Fiona Fernie a tax resolution and dispute partner at Blick Rothenberg...
