Data requests with foreign tax authorities hit record high

Information requests between HMRC and foreign tax authorities hit highest level in seven years with 2 388 requests made to and received from foreign tax authorities in 2023-24 according to data obtained in response to a freedom of information request by Price Bailey.

In addition HMRC made 632 outbound requests in 2023-24 almost double the number immediately before the pandemic - 331 in 2018-19.

According to Price Bailey the volume of information exchanged between is likely to rise following the Spring Budget announcement that non-UK assets will be subject to inheritance tax capital gains tax and income tax based on residence rather than domicile from 6 April 2025.

HMRC also issued 23 500 one-to-many letters in relation to offshore matters in 2023-24 although this is a slight decline on 2022-23 when 23 936 such letters were issued. In contrast the monetary value of disclosures...