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Notifying clients about international tax compliance agreements

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Changes are being made to the International Tax Compliance Regulations, SI 2015/878, with effect from 6 April 2016, creating an obligation on financial institutions to tell their clients:

·        that HMRC will soon be getting data on overseas financial accounts;

·        that there are opportunities to come forward about their overseas tax affairs if they need to; and

·        what could happen to those who don’t come forward.

The amendments are made under the power introduced by F(No. 2)A 2015 s 50.

HMRC provided the CIOT with draft regulations and guidance for consultation by CIOT members for a short period until 12 February, setting out the form in which financial institutions will be required to notify their clients. HMRC is still working on the notification itself.

Issue: 1297
Categories: News , International taxes