HMRC’s Wealthy team has contacted us about two new compliance projects.
The first is being undertaking to “nudge” taxpayers who have disposed of a residential property in early 2021/22 but who have not filed a Capital Gains Tax (“CGT”) on UK property disposal return. Letters are being sent asking taxpayers to consider whether they owe CGT in respect of the disposal, and to file a late CGT on UK Property Disposal return if they are required to do so. HMRC is providing a set of FAQs and links to online guidance to aid them in making this decision. Represented taxpayers will also have a copy of the letter sent to their agent. More details are available in the brief.
The second brief sets out details of a project looking at taxpayers whose total income exceeds £200,000 (which is the Wealthy Team’s low earnings limit) and who should be in Self-Assessment (“SA”). HMRC will be writing to taxpayers identified to ask them to check registration criteria and to inform them that HMRC are going to register them for SA due to their income levels (and provide them with directions to the guidance around that). If they do not meet the criteria, HMRC is asking the taxpayer to make contact and provide an explanation as to why they do not consider themselves to be within SA.
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