International Tax Compliance (Client Notification) Regulations 2016
05 January 2017
Do you give advice or services about tax or finance relating to offshore income or assets?
If you do then you need to be aware of the new International Tax Compliance (Client Notification) Regulations 2016 which came into effect on 30 September 2016. The obligation to notify must be met by 31 August 2017.
Under the UK’s Automatic Exchange of Information (AEOI) agreements, HMRC will soon begin to automatically receive data from over 100 jurisdictions about UK tax residents who have assets in offshore accounts.
Prior to HMRC receiving this information, people in industry who advise about overseas income and investments, and those that provide accounts overseas, are in a better position to know which clients are more likely to have offshore accounts or assets and should be given advance warning.
If you give advice or services about tax or finance relating to offshore income or assets, you may need to send a Client Notification letter to your clients. The letter is under HMRC branding, and aims to raise awareness among those individuals most likely to be affected when HMRC receives the offshore data. It will also make them aware that there is still an opportunity to come forward and use the Worldwide Disclosure Facility.
Read this Client Notification Leaflet from HMRC for further information.