HMRC are launching a one-to-many campaign, writing to taxpayers who incorporated a property business in 2017-18, but reported no CGT on their self-assessment tax returns on the grounds that incorporation relief applied.
A “one-to-many” approach is where HMRC send one standard message to many customers. The aim is to influence customers’ behaviour, so they are more likely to comply with their tax obligations. A one-to-many approach is not a compliance check.
The letter refers taxpayers to specific areas of the legislation and associated HMRC guidance and advises them to check their calculations. The recipient must then either advise HMRC of any errors or confirm that no such disclosure is required, with separate dedicated email addresses for each option. If no response is received, HMRC will consider issuing a discovery assessment.
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Written for accountants and other tax advisers at an intermediate level, Capital Gains Tax is built firmly on a foundation of statutory rules and case law principles. It is illustrated throughout with practical examples, and most chapters include a summary of pitfalls and planning points.
