HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains

According to City AM, HMRC continue to pursue non compliant UK taxpayers by issuing nudge letters.  As previously covered,  HMRC’s use of nudge letters is a cost efficient way of recouping tax for the Exchequer without the need to launch a tax investigation into a taxpayer’s past tax compliance.  But beware, there are risks forContinue reading “HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains”

What will HMRC be sending you for Christmas this year?

For many taxpayers, a brown envelope from HMRC will not be well received at any time of the year.  Odds on it will contain bad news.  It may be the start of an investigation.  It may be a “nudge letter” or a “Check on tax position“.  It almost certainly won’t be a Christmas card! IsContinue reading “What will HMRC be sending you for Christmas this year?”

HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge

HMRC are writing to taxpayers that have outstanding loans from their EBTs, EFRBs and other offshore structures.  HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge.  The origins of some of these arrangements go back to the 1990’s and have been “forgotten” – that is until now. SurelyContinue reading “HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge”

About your offshore income and gains … … …

HMRC are pretty good at grabbing people’s attention by using such headings in their letters to taxpayers.  Such letters are often effective because their “intelligence sources” are pretty accurate.  I have seen letters in the past where HMRC have even quoted bank account numbers from the outset just to demonstrate how much detail they hadContinue reading “About your offshore income and gains … … …”

HMRC views some tax avoidance schemes as a “misrepresentation of the true nature of events”

According to HMRC, the fine line between tax avoidance and tax evasion has been crossed and deliberately so.  HMRC’s unit known as Offshore Corporate and Wealthy (OCW) was established in the wake of the ‘Panama Papers’ scandal in 2016 to investigate serious non-compliance by businesses and the wealthiest taxpayers.  Today, the OCW is revisiting aContinue reading “HMRC views some tax avoidance schemes as a “misrepresentation of the true nature of events””