Technical News

HMRC have provided the CIOT with information regarding an educational campaign that was commenced by their Wealthy and Mid-Sized Business Compliance Unit in March 2020. A letter was sent by HMRC on 12 March to a sample of taxpayers who subscribed for Venture Capital Trust (VCT) shares and claimed income tax relief on the subscription in their 2015/16 self-assessment (SA) tax returns. The letter provides information about their income tax obligations regarding VCTs and the circumstances in which the income tax relief given may need to be withdrawn. A copy of the letter was sent to the taxpayer’s agent where HMRC identified that the individual was represented by an agent.

In response to our query to HMRC on the impact of COVID-19 on the letters HMRC have been sending to taxpayers with offshore assets, income or gains (which are based on information HMRC receive through exchange of information agreements with overseas jurisdictions), we have received the following reply from HMRC.

On 9 April, HMRC supplied the following update about the impact of COVID-19 on the payment of IHT and how to get IHT forms signed under current circumstances.

HMRC has provided us with an update in relation to its digital services.