The CIOT has recently made its members aware about HMRC’s plan to send letters to taxpayers with Offshore Collective Investment Funds. The details were published on the CIOT website at the beginning of November, as follows:
“HMRC have informed us that they are planning a bulk mailing of letters in early November 2019 to a subset of taxpayers whose tax affairs are dealt with by HMRC’s Wealthy & Mid-Sized Business unit. The letters ask recipients to check that they have correctly declared money received from offshore (overseas) collective investment funds, and include a factsheet that gives more details. HMRC have supplied a briefing with some background information about the mailing, and a sample letter that taxpayers included in the mailing can expect to receive.”
The sample letter and factsheet referenced above can be accessed on the CIOT website.
We have already seen the first of these letters arrive. If you receive such a letter and are not sure what needs to be done, Crowe can advise on the best course of action.