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The worldwide disclosure facility and its associated clearance process.
KEY POINTS
- The worldwide disclosure facility opened on 5 September 2016 for those with UK tax irregularities relating wholly or partly to an ‘offshore issue’.
- Linked to HMRC’s digital strategy all registrations must be made using the online portal.
- There are no favourable terms and much higher penalties will apply from 30 September 2018.
- A new non-statutory clearance process for disclosures can be used to obtain advance agreement on complex issues.
The worldwide disclosure facility (WDF) opened on 5 September 2016 for voluntary disclosures to HMRC. It was described in the press release as ‘the last chance’ before tough new civil and criminal sanctions are introduced. The backdrop is the closure of all previous offshore disclosure processes at the end of 2015 including the popular Liechtenstein disclosure facility (LDF) with the promise...
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