The Chartered Institute of Taxation (CIOT) has stated that it has received notice that HMRC is planning a bulk mailing of letters early this month to individuals whose tax affairs are dealt with by HMRC’s Wealthy & Mid-Sized Business unit. This is to check compliance and proper declaration of tax due on offshore investment funds.
Gary Ashford, a partner and chartered tax adviser at law firm Harbottle & Lewis, warned that the taxation of investments in such funds “can be complex and over the years it will have become clear to HMRC that many UK residents, whether U.K. domiciled or non-domiciled, do not fully understand ...