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International agreements to improve compliance: client notification

Frank Hirth News - 17 Jul 2017

With the drive for more global tax transparency and with the introduction of the Common Reporting Standard (CRS) we are required by the Government to send client notification letters to clients as determined by Finance (No.2) Act 2015.

We are required by law to use the following covering letter text and we have included a link to the factsheet referred to in the covering letter.

If you have any queries then please do not hesitate to contact your Frank Hirth Advisor.

From 2016, HM Revenue & Customs (HMRC) is getting an unprecedented amount of information about people’s overseas accounts, structures, trusts, and investments from more than 100 jurisdictions worldwide, thanks to agreements to increase global tax transparency. This gives HMRC unprecedented levels of information to check that, as in most cases, the right tax has been paid.

If you have already declared all of your past and present income or gains to HMRC, including from overseas, you do not need to worry. But if you are in any doubt, HMRC recommends that you read the factsheet provided here to help you decide now what to do next.

To print a copy of this article, click here.

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Laura Knight

Laura Knight

Private Client Associate Director

T: +44 (0) 20 7833 3500
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Office: London