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HMRC issued more than 209,000 One-to-Many letters linked to property and offshore tax matters between 2020/21 and 2025/26. Here is what accountants, taxpayers, landlords and businesses need to know.
Published on 13 October, 2026
An HMRC One-to-Many (OTM), or “nudge”, letter can look like routine correspondence. It rarely is. These targeted letters are designed to prompt taxpayers to check their affairs and disclose errors before HMRC takes formal action.
Recent Freedom of Information data shows how central these campaigns have become, particularly for undeclared rental income under the Let Property Campaign (LPC) and offshore matters dealt with through the Worldwide Disclosure Facility (WDF). If HMRC has contacted you or your client, and there is some concern that an earlier return or disclosure may be incomplete—acting early can make a significant difference.
Why HMRC is sending more nudge letters
HMRC’s compliance activity is increasingly being driven by third-party data and targeted interventions rather than traditional enquiry work. A nudge letter is often the first indication that HMRC has identified information which it believes may be inconsistent with a taxpayer’s returns. Rather than immediately opening a formal compliance check, HMRC invites the taxpayer to review their affairs and, where necessary, make a voluntary disclosure.
While these letters do not carry the status of a formal enquiry, they should not be ignored. HMRC clearly regards them as an efficient method of encouraging disclosure while preserving compliance resources.
Let Property Campaign: increased focus on landlords
The Let Property Campaign remains one of HMRC’s most successful disclosure facilities. Available since 2013, it allows individual landlords to regularise undeclared rental income while potentially benefiting from lower penalties than might otherwise apply following HMRC intervention.
Recent FOI data shows a marked increase in the use of LPC-related OTM letters:
| Tax year | Nudge letters | Yield claimed |
|---|---|---|
| 2020/21 | 2,432 | £37.5m |
| 2021/22 | 2,859 | £32.7m |
| 2022/23 | 20,393 | £37.0m |
| 2023/24 | 12,560 | £47.8m |
| 2024/25 | 12,852 | £39.6m |
| 2025/26 | 22,231 | £71.2m |
HMRC has confirmed that the rise in 2022/23 reflected an increase in compliance resources dedicated to property-related activity. The further increase in 2025/26 was attributed to a change in the scheduling of letter issues.
Across the six-year period, HMRC issued over 73,000 LPC-related OTM letters, generating almost £266 million of compliance yield.
The message is clear: landlords remain firmly on HMRC’s radar. Information from Land Registry records, SDLT returns, tenancy deposit schemes, letting agents and other third-party sources enables HMRC to identify potential undeclared rental income with increasing accuracy.
Worldwide Disclosure Facility: offshore compliance remains a priority
The Worldwide Disclosure Facility continues to play a central role in HMRC’s offshore compliance strategy. Introduced following the closure of earlier disclosure facilities, the WDF allows taxpayers to correct liabilities relating wholly or partly to offshore matters. The facility operates against the backdrop of extensive international information exchange under the Common Reporting Standard (CRS).
The FOI figures reveal consistently high levels of OTM activity:
| Tax year | Nudge letters | Yield claimed |
|---|---|---|
| 2020/21 | 28,614 | £42.5m |
| 2021/22 | 17,808 | £23.1m |
| 2022/23 | 23,936 | £10.9m |
| 2023/24 | 24,501 | £26.9m |
| 2024/25 | 21,000 | £43.3m |
| 2025/26 | 20,000 | £40.1m |
During the six years from 2020/21 to 2025/26, HMRC issued approximately 136,000 WDF-related letters, with accepted disclosures generating almost £187 million of compliance yield.
Although annual yields fluctuate considerably, the volume of letters demonstrates HMRC’s continued focus on offshore assets, income and investments. Anyone with overseas financial interests should be aware that information from overseas financial institutions is routinely matched against UK tax records.
What the figures mean for you
Taken together, the LPC and WDF campaigns generated more than 209,000 OTM letters and over £452 million of reported yield between 2020/21 and 2025/26.
1. HMRC’s use of targeted interventions
The volume of OTM letters reflects HMRC’s cost-effective, data-led approach to targeted compliance, alongside traditional enquiries where necessary.
2. Property and offshore matters remain high-risk areas
Both campaigns continue to generate substantial yield. Property disclosures alone produced over £71 million in 2025/26, while offshore disclosures generated more than £40 million in the same year.
3. Acting early can make a significant difference
The significance of a nudge letter can easily be underestimated. However, where HMRC has already identified relevant data, the opportunity to make a genuinely unprompted disclosure may be lost. Taxpayers and their representatives should therefore treat these letters as an early warning sign that further compliance action may follow if issues are not addressed promptly. This is particularly important when determining the correct penalties to be applied to any disclosure.
Who should review their tax position?
The increasing use of OTM letters reinforces the importance of proactive compliance reviews. Individuals, landlords, businesses and their representatives should consider reviewing the position where there are:
- Residential property portfolios
- Historic rental income issues
- Overseas bank accounts or investments
- Foreign property ownership
- Offshore income or gains
- Historic disclosure concerns
In many cases, reviewing the position before HMRC makes contact can preserve access to more favourable disclosure terms and reduce the risk of higher penalties.
What should you do next?
The latest FOI data confirms that HMRC’s use of One-to-Many letters is now a core part of its compliance strategy. With more than 209,000 letters issued and over £450 million of yield generated across the LPC and WDF campaigns since 2020/21, taxpayers, landlords, businesses and professional representatives should expect targeted, data-driven interventions to continue.
If you have received a nudge letter—or are concerned that property income, offshore assets or an earlier disclosure may not have been reported correctly—do not treat it as routine correspondence. Early specialist advice can help clarify your position, identify the appropriate disclosure route and reduce the risk of the matter escalating. Contact our Tax Investigations team for a confidential initial discussion.
Sources and data note
Data source: HMRC Freedom of Information responses FOI2023/95116 (18 December 2023) and FOI2026/90569 (14 September 2026).
Important: HMRC states that the year in which a letter is issued may differ from the year in which the related disclosure is accepted. Yield figures are attributed to the tax year in which HMRC accepted the disclosure and should not be treated as a direct same-year conversion measure for letters issued.
Guidance referenced: HMRC guidance on the Let Property Campaign and the Worldwide Disclosure Facility.