Skip to main content
Toggle search
Menu toggle

Deadline looms for client notification letters about offshore tax compliance

Anyone with offshore bank accounts, overseas income and assets needs to get up to speed with the new rules on international tax compliance, which will see accountants and tax advisers liable to notify clients about automatic exchange of financial information and disclosure rules by 31 August, says Meg Wilson CTA

The rules were introduced last autumn and the final deadline for sending out notification letters to relevant clients is on or before 31 August 2017. The letters must include specific phrases and terminology determined by HMRC, and failure to contact clients will be met with penalties.

The International Tax Compliance (Client Notification) Regulations 2016 (SI 2016/899) came into force on 30 September 2016. These regulations insert reg 12A–12F into the International Tax Compliance Regulations 2015 (SI 2015/878).

Your free features:

  • Breaking news and expert analysis
  • Customisable daily newsletters
  • Six free CPD learning modules each year
  • Personalised CPD tracker
  • Top 75 Firms league tables
  • Regulatory changes
  • Hardman’s Tax Data

Sign up to Business & Accountancy Daily

Related Articles
Subscribe