Case – Foreign gains – HMRC nudge letter
Introduction
Our client had been approached by HMRC who sent a ‘nudge letter’ advising they believe that the client may have received foreign gains that should be taxable in the UK.
Issue
Our client was not in receipt of any foreign income or gains for the year in question and HMRC seemed to suggest otherwise.
How we solved it
We assisted our client with responding to HMRC by acting on their behalf during the entire process. We worked with the client to obtain all the relevant details and identify where HMRC had received the incorrect information from. Documentation in relation to an offshore life insurance policy our client held contained an error and we assisted our client with obtaining the correct details from the provider to prove to HMRC that there was in fact no gain chargeable.
The Outcome
Our expertise and assistance meant our client was confident that they were obtaining the necessary support and HMRC responses were handled correctly and professionally. Once we were able to obtain the correct documents, HMRC were in agreement that there was in fact no chargeable gain and revoked their enquiry.
Next steps
Does this case sound familiar to you or your client? Please get in touch with out team at ETC Tax.
