HM Revenue & Customs (HMRC) has begun sending out so-called ‘nudge’ letters to professional advisers and tax agents who have submitted inheritance tax (IHT) returns, reminding them they must include cryptoassets.
The aim of the One To Many (OTM) letter is to help avoid the compliance risks of tax agents and others failing to account for IHT through incorrect or non-filing. An HMRC OTM letter is a nudge letter sent to multiple taxpayers at the same time regarding specific, potential tax irregularities. Often used for issues like cryptoassets, non-submission of returns, or Construction Industry Scheme (CIS) errors, the letters aim to prompt voluntary disclosure and compliance before formal inquiries. For IHT purposes, HMRC's Cryptoasset Manual (CRYPTO25000) confirms cryptoassets are considere...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
