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.
General Insurance Pricing Rules – Compliance with ICOBS 6B Attestation
Paul Caine Compliance Conduct, email, FCA, scam, Senior Manager, Update
The FCA is requesting that firms who have general insurance permissions (and premium finance providers), complete an online survey in relation to compliance with ICOBS 6B attestation. The deadline for submission is 31 March 2022, and attestation will need to be made by all firms who operate with the above permissions on a periodic basis. […]