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HMRC’s wealthy team has sent letters to a small number of agents and their clients who were involved in property tax planning using a limited liability partnership and corporate member, as highlighted in HMRC’s Spotlight 63.
The letter invites recipients to withdraw from any such scheme, make a disclosure by 31 January 2024 and settle their tax affairs. It goes on to warn that failure to do so might lead to an enquiry being opened.
HMRC also includes a factsheet which gives its views on the law surrounding this tax planning compared to the advice which the individuals may have received when entering into it.
