HMRC’s efforts to combat offshore tax evasion have been boosted following the receipt of the 2018 wave of financial information under the Common Reporting Standard (CRS), says Bill Duggan, tax manager at law firm Edwin Coe.
As a result of this data, HMRC has issued letters to individuals stating that they have information that indicates that the taxpayer has received foreign income and/or gains which may be taxable in the UK.
The letters state that the information has been received via exchange agreements with other countries.
These ‘nudge’ letters are designed to encourage people to consider their tax p...
