HMRC has informed the CIOT that it has relaxed the deadline for responses to letters sent to certain taxpayers in March asking for details of venture capital trust (VCT) shares acquired in 2015/16 and sold within five years.
HMRC’s wealthy and mid-sized business compliance unit issued these letters to a sample of taxpayers who subscribed for VCT shares and claimed income tax relief on the subscription in their 2015/16 self-assessment returns, reminding them about the income tax consequences of selling VCT shares within five years of acquisition. The letters asked them to complete a special return form containing details of any subsequent sales of these shares which may not have been notified to HMRC. These letters asked for a response by 13 April 2020.
Owing to the Covid-19 outbreak, HMRC has confirmed that it no longer expects responses by 13 April, but instead invites individuals who wish to make a disclosure to contact HMRC using the email address provided in the letter: ‘response.tldletter@hmrc.gov.uk’.
HMRC has agreed to include reference to potential penalties in any future version of the letter. It has also confirmed that the return and declaration are not mandatory, as HMRC is ‘happy to accept any disclosures or communication in a written form rather than completing the certificate that was issued with our letter’.
HMRC has informed the CIOT that it has relaxed the deadline for responses to letters sent to certain taxpayers in March asking for details of venture capital trust (VCT) shares acquired in 2015/16 and sold within five years.
HMRC’s wealthy and mid-sized business compliance unit issued these letters to a sample of taxpayers who subscribed for VCT shares and claimed income tax relief on the subscription in their 2015/16 self-assessment returns, reminding them about the income tax consequences of selling VCT shares within five years of acquisition. The letters asked them to complete a special return form containing details of any subsequent sales of these shares which may not have been notified to HMRC. These letters asked for a response by 13 April 2020.
Owing to the Covid-19 outbreak, HMRC has confirmed that it no longer expects responses by 13 April, but instead invites individuals who wish to make a disclosure to contact HMRC using the email address provided in the letter: ‘response.tldletter@hmrc.gov.uk’.
HMRC has agreed to include reference to potential penalties in any future version of the letter. It has also confirmed that the return and declaration are not mandatory, as HMRC is ‘happy to accept any disclosures or communication in a written form rather than completing the certificate that was issued with our letter’.
