The following Private Client guidance note provides comprehensive and up to date legal information covering:
This Practice Note is based on material originally produced by Tolley in partnership with Milestone International Tax Partners LLP but is now maintained by Lexis®PSL Private Client.
This Practice Note deals with the reporting requirements under section 218 of the Inheritance Tax Act 1984 (IHTA 1984) in relation to offshore trusts, as well as the duty to report imposed by the disclosure of tax avoidance schemes (DOTAS) regime. It also considers HMRC's very wide information gathering powers under the Income Tax Act 2007 (ITA 2007) and the Taxation of Chargeable Gains Act (TCGA 1992).
This Practice Note does not deal with reporting requirements imposed by the US Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), the UK-Switzerland Tax Co-operation Agreement and the Worldwide Disclosure Facility. For information on these topics, see the Offshore tax evasion (and private client) sub-topic. See also the following Practice Notes:
FATCA and UK Trusts
Automatic exchange of information—the Common Reporting Standard: a summary
UK-Switzerland Tax Co-operation Agreement, and
Worldwide Disclosure Facility
For example, ITA 2007, s 748 gives HMRC the 'power to obtain information' in cases where an officer of HMRC believes there may have been a transfer of assets abroad that falls within the anti-avoidance provisions in ITA 2007, ss 720–735. For details of the transfer of assets abroad regime, see the Anti-avoidance provisions
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234