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HMRC has released a briefing on share sale proceeds declared on a taxpayers’ self-assessment returns that do not match those declared by the purchasing company.
HMRC will send a letter to these individuals to advise them that it holds information that shows the taxpayer has disposed of shares, but this may not have been reflected correctly on their self-assessment return.
Those taxpayers will be asked to check their 2019-20 return and, if there has been an error, to submit a disclosure using the digital disclosure facility. If they are happy that the information held is correct, HMRC asks them to send an email confirming this. If the taxpayer does not respond, HMRC may issue discovery assessments if it believes tax to be due.
