International agreements to improve compliance: client notification

Laura Knight:
Phone: +44 (0) 20 7833 3500
Date: Mon, July 17, 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.

This article has been written for the general interest of our clients and contacts to stimulate further thought and enquiry. It does not contain answers to specific situations and it is therefore essential to treat it as a prompt to take specific advice on any real and particular issues. We believe that the facts as summarised in this article are correct as at the time of going to press in July 2017. If we discover that the article might be read in a way that conveys a misleading impression (whether by tone, content, error or omission) we will make the necessary changes and draw attention to what has been changed once we become aware of the need to do so. We will not be responsible for any action taken by a reader who relies on the article but does not seek further advice to answer any specific query.

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