TaxAdministrationHMRC plans most far-reaching clampdown yet

HMRC plans most far-reaching clampdown yet

HMRC is casting its widest net yet as it targets investment income in its next compliance campaign

HM Revenue & Customs (HMRC) is planning a fresh compliance campaign this
spring, targeting taxpayers with investment income in what could be the most
far-reaching clampdown yet, according to information experts from
UHY
Hacker Young
have obtained under the Freedom of Information Act.

UHY warns, the ‘interventions’ campaign targeting taxpayers with investment
income could affect far more people than existing interventions as it will
include investment income from shares, bonds and UK bank accounts.

In its response to the Freedom of Information Act inquiry, HMRC also revealed
it was about to release a second batch of letters to taxpayers with offshore
bank accounts, following the 5,198 letters sent to taxpayers with overseas
accounts already. HMRC also disclosed it has sent 7,371 intervention letters to
buy-to-let landlords within the last four months alone.

‘A campaign targeting taxpayers with investment income could be the most
far-reaching of all in terms of the number of taxpayers contacted. Investment
income encompasses a very broad spectrum of assets and could include anything
from share dividends and bonds to interest on UK bank accounts. It could
potentially take in far more taxpayers than all the other types of interventions
put together,’ Roy Maugham, tax partner, at the UHY London office, said.

Further reading:

Depositor protection to spark fresh HMRC
investigations

Taxman to take second bite of offshore cherry

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