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Last year wrote about offshore income and gains letters being issued to taxpayers who were linked to the Pandora Papers.  https://blog.taxadvisorypartnership.com/blog/pandora-papers

We have helped a number of clients make disclosures to HMRC since our last blog and it seems that HMRC has renewed their interest in individual’s names in the Papers.  HMRC have recruited a specialist team to focus on this work and have recently sent out a fresh batch of offshore income and gains letters. 

These letters ask the recipient to review their tax affairs and either confirm everything is in order or otherwise make a disclosure.  The letter takes several forms depending on the taxpayers status, they specifically reference being named in the Pandora Papers and target recipients who are UK resident and have a UK domicile, those who are UK resident and are UK deemed domiciled (by virtue of Condition A or B), and those who are UK resident but non UK domiciled.  The letters will also reference any offshore entity or structure that HMRC believe the taxpayer is connected to.

The letters require a response, and that response needs to be considered very carefully.  We have experience in reviewing clients tax affairs to assess their tax position.  If we identify any tax issues we can help regularise and report any discrepancies as appropriate using the disclosure facilities available.  If our review suggests that everything is in order then we can write to HMRC and explain your position.

If you receive one of these letters from HMRC we recommend that you get in touch at the earliest opportunity so that we can help you review and respond within the required 60 day deadline.