HMRC’s CGT reminder letter to those who are no longer Persons of Significant Control in 2021/22

HMRC’s Wealthy Team are in the process of sending out One to Many letters to those Persons of Significant Control (PSC) who, according to Companies House records, ceased being a PSC in 2021/22. These letters remind their recipients that if this has come about by having disposed of shares, then this should be reported in that year’s tax return. The letter reminds the recipient of their obligations surrounding capital gains tax reporting, and advises that any returns already submitted for that year should be amended if share disposals have been omitted.