We have been contacted by a number of people who have received a letter over recent days from HMRC saying that they have received information through international agreements to exchange tax information that the recipient “may hold or have held property overseas”. They are clearly seeking out individuals who might owe offshore property tax.
The letter warns that recipients have until 30 September to declare any overseas income or gains to HMRC before more severe disclosure terms come into play with the Requirement to Correct legislation.
The letter also warns that HMRC are receiving such information from more than 100 jurisdictions making it easier for them to check the accuracy of any information you do provide to them.
If you have received one of these letter and are not sure whether you have declared all your UK tax liabilities, please get in touch as we will be happy to advise you.