UK taxpayers with offshore holdings could soon be subject to new legal obligations, with significant sanctions if they fail to comply.
UK taxpayers with offshore holdings could soon be subject to new
legal obligations, with significant sanctions if they fail to comply. HMRC has
also launched the ‘Worldwide Disclosure Facility’ to enable taxpayers to
correct past irregularities in advance of the new sanctions being introduced.
The headlines are:
It is important this is not seen as simply an issue for those who have evaded tax as the RTC impacts anyone with tax liabilities due in respect of overseas aspects to their affairs who have failed to correct (including offshore trustees). As a result, in advance of receiving significant amounts of data at the end of September 2018 (or September 2017 from “early adopter” countries such as the Isle of Man) through CRS, HMRC have made it clear they expect taxpayers to review their affairs and take advice as appropriate to assure themselves their offshore interests are tax complaint.
Notwithstanding the above, the WDF is not the only way to make a disclosure to HMRC and each case should therefore be considered on its merits. We have extensive experience advising those with a requirement to disclose issues to HMRC.
The above is only a brief summary and not intended as taxation advice. For further information and/or taxation advice please contact one of our experts.