HM Revenue and Customs (HMRC) has launched a new Worldwide Disclosure Facility (WDF) providing UK residents with undisclosed offshore income, gains or assets one final chance to come forward and regularise their tax affairs.
The Worldwide Disclosure Facility is interlinked with the launch of the Common Reporting Standard (CRS), an automatic financial information exchange agreements with 100 other countries to combat international tax evasion.
Those that do not correct offshore tax irregularities before September 2018 face penalties of at least 100% of the unpaid tax and the possibility of a criminal prosecution.
Ian Leigh, Tax Partner at Jeffreys Henry LLP, said: “The launch of the Common Reporting Standard, should come as a warning to anyone with offshore tax irregularities. With increased data gathering actives, it is less likely a case of if and more likely when HMRC catches up with you.”
The Worldwide Disclosure Facility is a complex area and HMRC have confirmed they may charge higher penalties or pursue criminal charges for “incorrect or incomplete” disclosure. Expert technical knowledge, careful negotiation and advice can often make a substantial difference to the eventual tax liability, penalty and charges.
Tax Specialists Ian Leigh and Paul Williams (ex-HMRC) have significant tax investigations and offshore tax disclosures experience and can offer cost-effective and flexible fee arrangements, including capped fee quotes.
For further information, or to arrange a free, confidential consultation, please telephone Ian Leigh on 020 7309 2222.