Changes are being made to the International Tax Compliance Regulations, SI 2015/878, with effect from 6 April 2016, creating an obligation on financial institutions to tell their clients:
· that HMRC will soon be getting data on overseas financial accounts;
· that there are opportunities to come forward about their overseas tax affairs if they need to; and
· what could happen to those who don’t come forward.
The amendments are made under the power introduced by F(No. 2)A 2015 s 50.
HMRC provided the CIOT with draft regulations and guidance for consultation by CIOT members for a short period until 12 February, setting out the form in which financial institutions will be required to notify their clients. HMRC is still working on the notification itself.
Changes are being made to the International Tax Compliance Regulations, SI 2015/878, with effect from 6 April 2016, creating an obligation on financial institutions to tell their clients:
· that HMRC will soon be getting data on overseas financial accounts;
· that there are opportunities to come forward about their overseas tax affairs if they need to; and
· what could happen to those who don’t come forward.
The amendments are made under the power introduced by F(No. 2)A 2015 s 50.
HMRC provided the CIOT with draft regulations and guidance for consultation by CIOT members for a short period until 12 February, setting out the form in which financial institutions will be required to notify their clients. HMRC is still working on the notification itself.
