With summer holidays fast approaching, it’s important not to forget the HMRC Client Notification Requirement deadline of 31 August 2017.
The Client Notification is a requirement from the HMRC to any specified Financial Institution or specified relevant person (including accountants, tax advisers and lawyers) to send a notification letter by 31 August 2017 to any Specified Clients to whom they provide advice or services relating to overseas income or assets.
The letter must be a HMRC-branded document and include standard paragraphs set out within the International Tax Compliance (Client Notification) Regulations 2016.
Clients for whom the only service was to prepare and file a Tax Return do not need to be sent the notification letter.
A Specified Client for the purposes of the Financial Institution is someone who was a UK resident in 2015/16 or 2016/17, was an account holder on 30 September 2016 and maintained an account in a country that is a participating jurisdiction for the Common Reporting standard, or the US.