With less than two months to go, we are reminding payers of UK tax to get everything in order and make use of the disclosure facilities.
HMRC offer several disclosure facilities which allow UK taxpayers to come forward and disclose any outstanding liabilities relating to offshore assets. There are four disclosure facilities currently available which operate on favourable terms which are not normally offered; Liechtenstein Disclosure Facility (LDF), Jersey Disclosure Facility, Guernsey Disclosure Facility and Isle of Man Disclosure Facility.
Time is running out to take advantage of these facilities as they end on 31 December 2015. It is important to ensure your tax affairs are in order as HMRC have access to increasingly more information about your overseas investments and assets. HMRC are already receiving information about UK taxpayers with interests in the US, Crown Dependencies and Overseas Territories. The number of jurisdictions with which the UK will exchange information about its taxpayers is only going to increase with the introduction of the Common Reporting Standard (CRS). Over 90 countries have already committed to new international agreements that will let HMRC see more about overseas investments and accounts held by you.
If you have undeclared income and gains from your overseas accounts then now is the time to act. If you need help deciding whether you may benefit from one of these facilities, please contact your tax advisers. Alternatively, please discuss with your usual Spindler & Partner LLP contact who can put you in touch with an appropriate adviser.
Find out more from: https://www.gov.uk/guidance/offshore-disclosure-facilities