We are aware that HMRC has once again issued letters to some taxpayers requesting information in respect of offshore income and gains. The letters request that the taxpayer completes the enclosed 'Certificate of Tax Position' by a specified deadline.
The letter states:
"We have information which shows that you may have received overseas income or gains which is taxable in the UK. We have received this information through the UK’s tax information exchange agreements with other countries.
It is your responsibility to tell us about your UK tax liabilities from offshore income or gains anywhere in the world.
It is important that you check that you have declared all of your UK tax liabilities and the vast majority of people do. Some people with assets overseas have found that changes to their personal circumstances or to tax laws, mean that previous tax advice is out of date.
