HMRC has recently been sending ‘nudge letters’ to taxpayers who are believed to have offshore assets which may give rise to income and gains attracting UK tax. However, accounting, tax and advisory firm Blick Rothenberg questions whether individuals have been given enough time to respond.
The letters vary in format depending on whether HMRC has specific information about offshore assets and what sources the information came from. However, the message remains the same that if taxpayers have undeclared offshore income and gains which should have been reported for UK tax purposes, they must make a disclosure before 30 Sept...