The CIOT reports that HMRC intends to send out various letters in October to corporates, agents and unrepresented taxpayers in relation to outstanding ATED returns, and discrepancies reported on tax returns in relation to investment income, benefits in kind, and CGT on disposals of residential property (other than main residence).
The ATED letter will be sent to corporates which appear to have purchased a residential property worth £500,000 or more from 1 April 2020 and have not filed an ATED return.
The investment income letter will be sent to agents (or direct to unrepresented taxpayers) flagging where there is a discrepancy between investment income reported in the 2018/19 self-assessment tax return and that reported to HMRC directly from financial institutions.
The benefits in kind letter will also be sent to agents/taxpayers and will highlight discrepancies between benefits reported in the taxpayer’s 2018/19 self-assessment tax return and information received from employers.
The CGT letter will be sent to agents/taxpayers where HMRC understands a non-main residence property was sold in the 2018/19 tax year and where CGT may be due.
The CIOT reports that HMRC intends to send out various letters in October to corporates, agents and unrepresented taxpayers in relation to outstanding ATED returns, and discrepancies reported on tax returns in relation to investment income, benefits in kind, and CGT on disposals of residential property (other than main residence).
The ATED letter will be sent to corporates which appear to have purchased a residential property worth £500,000 or more from 1 April 2020 and have not filed an ATED return.
The investment income letter will be sent to agents (or direct to unrepresented taxpayers) flagging where there is a discrepancy between investment income reported in the 2018/19 self-assessment tax return and that reported to HMRC directly from financial institutions.
The benefits in kind letter will also be sent to agents/taxpayers and will highlight discrepancies between benefits reported in the taxpayer’s 2018/19 self-assessment tax return and information received from employers.
The CGT letter will be sent to agents/taxpayers where HMRC understands a non-main residence property was sold in the 2018/19 tax year and where CGT may be due.
