HMRC notification – clients with income/assets overseas

Many of you may already be aware of the HMRC Notification requirements for clients who hold income/assets offshore.

In line with HMRC’s requirements – ALL “Specified Relevant Persons” (Tax Advisers, Solicitors and Financial Advisers) must write to their UK tax resident clients who have accounts/investments/assets outside of the UK (e.g. Offshore Bonds & QROPS’s), with specific wording and provide the HMRC leaflet regarding the notification.

We have therefore prepared the attached template for your use along with a copy of the HMRC leaflet that must be enclosed with the letter. (Please note, the wording in BOLD within the template must NOT be altered in any way, however, you may amend other parts as you wish)

There is a deadline of 31st August 2017 by which time you must have written to all your applicable clients or you may face a fine of £3,000 by HMRC.

Should you have any questions on this, please do not hesitate to contact us.