Tags: code of practice 9, tax investigation, worldwide disclosure facility
The Worldwide Disclosure Facility was initiated by HMRC in 2016 to allow tax payers with offshore (non UK) income to make a full disclosure and avoid large penalties or HMRC prosecution. The disclosure facility has been widely used by UK and non UK residents and settlements reached for tax payable. HMRC had announced that the Worldwide Disclosure Facility will be closing on 30 September 2018. This means the option to make a disclosure at a lower penalty will no longer be available. From 1 October 2018, individuals with undeclared offshore income will need to make a disclosure through Requirement to Correct rules. The new rules under Requirement to Correct will impose heavier fines and sanctions.
Any non UK citizens living in the UK are required to make a full declaration if they are receiving offshore income even if that is being kept offshore and not brought into the UK.
As we are approaching the deadline of 30 September 2018, we have received a large number of queries from people wanting to make a full declaration to HMRC and to avoid the harsher penalties from 1 October 2018. If you would like to discuss making a declaration under the Worldwide Disclosure Facility, please contact us on 0207 998 1834.
This post was posted in: Code of Practice 8 Investigations Cop 8, Code of Practice 9 - COP 9, Voluntary Disclosure, Worldwide Disclosure Facility | Be the first to comment