HMRC have advised the CIOT that are launching a new campaign to tackle non-compliance involving offshore corporates with UK property.
The CIOT has published two letters that HMRC are proposing to issue to certain corporate entities.
The first letter is entitled “Disclosure for Annual Tax on Enveloped Dwellings/Non-Resident Landlord liabilities”.
The second letter is entitled “Disposal of interest in UK residential property”.
The CIOT has published a guidance letter (23 November 2022) for CIOT members advising on the most appropriate way to respond should their clients receive one of the above letters.