HMRC’s Offshore Disclosure Facilities give you an opportunity to bring your tax affairs up to date if they are complicated by undeclared offshore income, assets or investments particularly if they are held in British Crown dependencies and other overseas jurisdictions. The facilities are available to make a full disclosure of outstanding liabilities and pay any amount due.
Since February 2013, the Isle of Man (IOM) and UK Government have had a signed cooperation agreement relating to tax matters, including the exchange of tax information. As a result, a voluntary disclosure facility was established if you have undeclared UK tax liabilities. In March 2013, the States of Jersey and Guernsey signed similar agreements with the UK giving us the British Crown Dependencies disclosure facilities. In January 2014 HMRC began writing to the holders of bank accounts and financial assets in the Cayman Islands following their exchange agreement with the UK.
The terms of the Crown Dependencies facilities are:
Careful consideration of these facilities is crucial, however as the existing Liechtenstein Disclosure Facility may offer significantly preferable terms and expert advice should be sought on the most sensible method to adopt for your particular circumstances.
How can we help?
We have been dealing with HMRC related troubles for over 50 years, having dealt with hundreds of cases both as former HMRC Investigators and assisting and supporting clients in our time in practice. Our clients tell us that they value our extensive knowledge and genuine “hands on” approach to any matter involving HMRC disputes and difficulties.
We operate nationally, or internationally, and are not tied to our desks. We believe in giving a no nonsense level of support with affordable fees and costs. Our pricing structure is affordable, and we will fixed budgets for our engagements avoiding the traditional open-ended, "on the clock" approach of larger firms and our competitors.
To discuss this with us on a non-judgmental, discrete and no cost basis call our helpline 0800 001 6686 or contact us today.
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