HMRC has published a new brief setting out the option to tax notification process from 1 February 2023. Revenue & Customs Brief 1/23 confirms that from that date HMRC will stop issuing option to tax notification receipt letters. Options notified to HMRC before this date, will get a standard option to tax notification receipt.
Option to tax notifications will need to be sent to HMRC by email, and the automated HMRC response will constitute evidence of the date of notification. HMRC will also stop processing requests for confirmation of existing options to tax, except where the effective date of the option is ‘likely to be over six years ago’, or the request is made as part of insolvency proceedings. Accordingly, the brief emphasises the importance of retaining option to tax records for at least six years.
HMRC has published a new brief setting out the option to tax notification process from 1 February 2023. Revenue & Customs Brief 1/23 confirms that from that date HMRC will stop issuing option to tax notification receipt letters. Options notified to HMRC before this date, will get a standard option to tax notification receipt.
Option to tax notifications will need to be sent to HMRC by email, and the automated HMRC response will constitute evidence of the date of notification. HMRC will also stop processing requests for confirmation of existing options to tax, except where the effective date of the option is ‘likely to be over six years ago’, or the request is made as part of insolvency proceedings. Accordingly, the brief emphasises the importance of retaining option to tax records for at least six years.
