Following the introduction of Common Reporting Standards (“CRS”) we are seeing an increasing number of taxpayers with overseas financial assets being contacted by HMRC.
The contact from HMRC is usually in the form of a letter and offer the taxpayer a ‘final opportunity to bring your worldwide tax affairs up to date’ these are being issued as HMRC have received information from overseas that the taxpayer has an overseas financial asset, probably a bank account or investment portfolio, and they believe this has not been reported.
The letter requests that the taxpayer complete a ‘Certificate of tax position’ by a due date and that they confirm either (i) there affairs are up to date, (ii) they need to be brought up to date via HMRC’s worldwide disclosure facility or (iii) they do not have any offshore assets, income or gains.
If you have received one of these letters from HMRC it is important you take professional advice and make a complete and correct disclosure of your affairs, as a failure to do so could result in HMRC taking further action.
Please contact us for assistance in this matter and to consider the appropriate declaration.