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HMRC launch worldwide disclosure facility

HMRC launch worldwide disclosure facility

HMRC’s worldwide disclosure facility “WDF” was unveiled on 5 September.

HMRC will start to receive details on overseas assets, income and gains directly from some countries in May 2017, with others following within the next 12 months. The WDF gives UK taxpayers the final opportunity to bring their tax affairs up to date before this automatic exchange of information comes into force.

Failure to act could result in significantly higher penalties at best or possible criminal investigation.

WDF is available to all individuals and entities that have a previously undisclosed UK tax liability that arose from an overseas source or from a UK source that was transferred abroad. The facility covers all direct taxes and inheritance tax for up to 20 years.

This is not a replacement for the Liechtenstein Disclosure Facility (LDF) which closed in December 2015. It does not have the same beneficial terms such as reduced penalties. There is also no scope for VAT to be disclosed.

For more information, please contact Lesley Sutton on 01484 550037 or email lesley.sutton@revellward.co.uk.

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