Do you have any clients with income or assets overseas?
If you do, then you need to be aware that HMRC now require you to notify your clients about HMRC requirements in relation to any overseas income or assets. Full details can be found here.
This notification requirement applies to –
Specified Financial Institutions
Generally, this includes banks, building societies, insurers, fund managers, wealth managers, investment entities or similar businesses.
Specified Relevant Persons
Generally, this includes tax agents / advisers, solicitors and financial advisers.
Note that a Relevant Person is the business, and can be an individual, a company, a partnership, or similar entity.
Which clients need to be notified?
Any client who is a UK tax resident in either the –
- 2015 to 2016 tax year
- 2016 to 2017 tax year
And that you have advised or referred in respect of their offshore:
- self-employment income
- employment income
- savings
- investments
- profit from selling assets abroad
When sending the standard letter, you must include a covering letter containing set text. Both the text and the letter are available from the link given earlier.
Financial Sanctions Checks
Shirley McKenzie Compliance Conduct, FCA, PI
In response to Russia’s invasion of Ukraine, the FCA published information about the tranche of sanctions announced in relation to Russia and Belarus and the HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has been regularly updating its publications to provide new information as it becomes available. Financial sanctions – a firm’s obligations The FCA […]