Nudge letters – offshore income gains

Nov 25, 2019

HMRC have recently begun to issue “nudge” letters to some taxpayers in respect of the tax treatment of Offshore Collective Investment Schemes.  

We understand that the letters are being issued to encourage recipients and their agents who are preparing their 2018/19 tax returns to check that they are correctly reporting both Excess Reporting Income and Offshore Income Gains from their offshore fund investments. HMRC are also asking recipients to consider returns already submitted for 2018/19 and earlier years.