Time is of the Essence for CCO Compliance

The Legislation 

Crypto Assets – HMRC seeking ownership declarations

Following HMRC’s drive to aid the economic impact of the COVID 19 pandemic and a surge in recent enquiries into tax affairs of individuals and companies alike, HMRC have confirmed that e-money value transfer systems and Crypto assets are on their watchlist of assets they will be looking closely into. This is particularly the case, since it is known such assets are commonly used by organised crime. HMRC now receives information from crypto exchanges on transactions carried out by crypto asset investors based in the UK and may also receive information on crypto asset transactions under the Common Reporting Standard. 

Investigating Inheritance Tax - HMRC haul hits four year high

HM Revenue & Customs (“HMRC”) has recently reported a 4-year high in Inheritance Tax (“IHT”) revenues after collecting an additional £274m as a direct result of more than 5,000 investigations during the 2019/20 tax year.

Sold UK property in 2018/19? You could be next on HMRC's 'hit list'

HMRC have confirmed they will be issuing over 14,000 letters before 30th November to individuals who have sold a UK property in 2018/19, that didn’t appear to be their main home and which could therefore potentially be subject to UK Capital Gains Tax rules.

HMRC have undeclared holiday letting income in their sights...

The 2019 financial statements for Airbnb have recently been published and include a note confirming that it will share data with HM Revenue & Customs (“HMRC”) about the letting income earned by its hosts in the 2018 and 2019 tax years.

HMRC Nudge Letters for Overseas Income – another batch issued in July 2020

HMRC’s very own “tax gift that just keeps giving”…

Latest Posts

Get the AAB Blog Digest