Updated: ‘Guide to sending the client notification letter’ document updated to remove sentence on identifying clients by 31 December 2016.
If you give advice about tax, or are a financial institution, you may need to send this letter to clients who have income or assets overseas, including financial accounts.
This could be any client you give advice or services to about their offshore:
- self-employment income
- employment income
- savings
- investments
- profit from selling assets abroad
If you refer a client for an overseas account, advice or services, you still need to send them a notification letter.
The International Exchange of Information Manual explains who needs to send notification letters, which clients are covered and when you need to send them. It also gives information on ways to identify clients depending on whether you give tax advice or are a financial institution.
You don’t need to send this letter to clients if you’re a charity.
Source: HMRC