Accountants, tax advisers and all financial institutions in the UK will be required to write to clients before 30 April 2017, enclosing a letter from HMRC which warns about the dangers of not declaring offshore income and gains.
The requirement is outlined in F(no. 2)A 2015, s 50: International agreements to improve compliance: client notification, the application of which, I believe, will strain client-adviser relationships.
The draft regulations and guidance notes that set-out exactly what the adviser will have to send to clients and when, are now out for consultation. However, the consultation period has been set at just 12 days - responses are required by 12 February 2016!
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- Who must be contacted?
- What must be sent?
- When and how?
About Rebecca Cave
Consulting tax editor for Accountingweb.co.uk. I also co-author several annual tax books for Bloomsbury Professional and write newsletters for other publishers.