The Common Reporting Standard (CRS) means that financial institutions such as banks and trust companies now automatically report their clients’ interests in offshore assets to the ‘home’ tax authority.
As a result, HMRC now has with an unprecedented level of data regarding UK individuals with interests in assets overseas.
The FT notes that there are many years’ worth of data to plough through, so HMRC must do this quickly and efficiently (said without irony), otherwise there is a danger that much of this information will never be analysed and opportunities will be lost.
Following receipt of this data, HMRC has been writing to tens of thousands of taxpayers, asking them to sign a formal document certifying whether their tax affairs are in order or whether they need rectifying.
The certificates highlight that there is a risk of prosecution if taxpayers “make a false statement or complete a false certificate”, which leaves people open to possible criminal investigation if an error is later found in their tax history, even if such an error arose because of oversight rather than something more sinister.
Note well what the FT says:
Despite these
letters being sent and received, there is actually no statutory
requirement to sign the certificates, or even to reply to HMRC at all.
That said, the letters should not be ignored.
Caveat being that you would be wise to take professional advice.
Tax does have to be taxing.
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Didn't this happen with the Lichtenstein Disclosure that Hartnett championed? Asked to make a voluntary disclosure to avoid lower penalties?. As there was more information that the lowly paid overworked staff were able to look at, it all went a bit quiet after a while.
ReplyDeleteAs HMRC are going after ye olde tax charges of late. I suppose it's the chance you take. Or, if you have the dosh, move to Monaco or something.
We all know that HMRC cannot be trusted with data - the well-behaved sheep on the HMRC gravy train will never admit that but those of us who served the Department and have now moved on, are able to provide a more honest opinion.
ReplyDeleteHMRC criminally misused my personal data as a staff member and covered up for the criminal manager responsible for that - that Gavin Williamson MP is apparently calling the Civil Service investigation, which led to his sacking from cabinet, a "kangaroo court" is not a surprise to this former HMRC civil servant. I have to say the level of dishonesty and cover ups of the most appalling behaviour inside HMRC would shock the general public. If your face doesn't fit with the civil service bullies, they believe they have the power to make the truth whatever they want it to be. They mentally disturbed and totally corrupt.
Couldn't they just "connect"?
ReplyDeleteMeanwhile....
ReplyDeletehttps://www.theinquirer.net/inquirer/news/3075109/hmrc-delete-voice-id-ico