The Worldwide Disclosure Facility (WDF) is currently available to disclose a UK tax liability that relates wholly or in part to an offshore issue. For example, this may include income from an overseas property or overseas interest and dividends.
Previous offshore disclosure facilities have now closed and so the WDF is the last chance to come forward and disclose undeclared offshore income before a tougher penalty regime comes into force on 30 September 2018. After this date HMRC will use information gathered through the automatic exchange of information with over 100 other countries to enquire into undeclared income.
A disclosure can be made by an individual in respect of their own affairs or in their capacity as a director or company secretary, about a trust or estate, about a limited liability partnership, or on behalf of someone else, such as a tax adviser, personal representative or executor of an estate.
It is very much in peoples’ interest to come forward now while there is a more favourable penalty regime on offer. In nearly all cases the penalty will be less when a disclosure is made voluntarily.
For more information about the WDF or any other outstanding tax compliance matters, please contact David Buck or Amy Read.