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The Chartered Institute of Taxation (CIOT) reports that HMRC’s wealthy team is writing to a select number of taxpayers who should have paid the remittance basis charge in 2022-23.
Different letters are being sent if the taxpayer has been resident for seven out of nine years, or 12 out of 14 years with instructions to make amendments to their returns and pay the £30,000 or £60,000 charge respectively, or move to the arising basis, within 60 days of the letter.
Failure to correct any errors could lead to prompted disclosure penalties, additional tax and interest.
