Benefits in kind reporting for high net worth individuals

HMRC to contact wealthy taxpayers and agents on benefits in kind information

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HMRC’s Campaigns and Projects (C&P) team will be sending out one-to-many (OTM) letters to wealthy taxpayers where they have found discrepancies in the benefit in kind information included on their self-assessment tax returns.

HMRC receives information about benefits in kind from employers and in some cases this does not match the self-assessment tax return. C&P will send letters to customers with a discrepancy, nudging them to consider whether the benefit in kind information declared on their tax return is complete and correct, and, if appropriate, self-amend their returns.

It is expected that C&P will issue the letters in tranches from 4 July to mid-August 2022.