Offshore Assets - Don’t incur a £3,000 HMRC penalty
18 August 2017
This is guidance for professional advisors and information for clients. We have issued communications under separate cover to all of our clients.
UK residents for tax purposes should to be aware of an upcoming deadline. By the end of this month HMRC has stated all advisors should have contacted their clients to make them aware of their obligations in terms of reporting offshore investments to HMRC.
Clients will want to avoid any HMRC investigations should they fail to disclose and advisors avoid a potential £3,000 penalty for not complying with the regulations.
If unsure whether or not you are impacted (either advisor or client) you should contact HMRC. The wording is very specific and HMRC has provided guidance here.
To discuss anything contained on this blog, please do not hesitate to contact me or your local Johnston Carmichael Wealth Financial Planner.
If you would like to discuss anything contained in this article, please contact a member of our Wealth Team by email on enquiries@jcwealth.co.uk or your usual local office Financial Planner.Nothing in this communication constitutes advice to undertake a transaction and professional advice should be taken before investing. Any observations are purely commentary on markets. This material is not investment research and the content should not be treated as an offer or invitation to buy or sell securities. Past performance is not a reliable indicator of future results and is no guarantee. The value of investments may fall as well as rise. Changes in exchange rates between currencies can cause investments or income to go up or down.Disclaimer: While all possible care is taken in the completion of this blog, no responsibility for loss occasioned by any person acting or refraining from action as a result of the information contained herein can be accepted by this firm.