HMRC’s One to Many letter - residential property finance cost deductions

HMRC’s Wealthy External Forum has issued a briefing to forum members about ‘one to many’ letters being sent to individuals who let property during 2019-20 and may have made finance cost deductions in excess of the allowable proportion when completing their 2019-20 SA return. The recipients will be asked to review their 2019-20 SA return and make a self-amendment, if necessary, before the amendment window closes. Individuals who found that they made an error in their 2019-20 return will also be asked to check the previous two years. The letter explains that, where the individual identifies any errors for those years, they should tell HMRC using the Digital Disclosure Service (DDS). Individuals will be directed to guidance regarding amending returns and using the DDS in the letter.

A copy of the letter will be sent to the taxpayer’s agent where the taxpayer is represented by an agent.

Briefing
Letter to taxpayer (represented)
Letter to taxpayer (unrepresented)