A pensioner friend has asked me to assist him with a letter he has received from HMRC re the above. On investigation it seems an insurance investment bond which was invested offshore was surrendered on 2015/16 with a taxable gain which was not declared. Also a UK based investment bond was also surrendered at the same time. No tax returns have been submitted for several years.
I wish to help but I am going on holiday shortly for 2 weeks. I have all the information needed to file a correct tax return for 2015/16 which I can easily do.
My question is, will filing the tax return satisfy the disclosure requirements or is there something else I should also do? I am concerned not to risk falling foul of the new penalty regime as from 1 October.
I have limited time available over the next few days and would prefer to avoid trawling through the WW Disclosure Guidance and website if possible.