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Final chance to own up to undeclared overseas assets, income and gains

13 September 2016
Issue: 4567 / Categories: News

HMRC launches worldwide disclosure facility.

The worldwide disclosure facility (WDF) has been launched by HMRC. It offers taxpayers a final chance to declare previously undisclosed offshore income and assets before the UK adopts the common reporting standard (CRS).

The facility is available to anyone who wishes to disclose a UK tax liability that relates wholly or partly to an offshore issue such as:

  • income arising from a source in a territory outside the UK;
  • assets situated or held in a territory outside the UK;
  • activities carried on wholly or mainly in a territory outside the UK; and
  • anything having effect as if it were income assets or activities of the kind described.

It also includes funds connected to unpaid or omitted UK tax not included above that have been transferred to a territory outside the UK or...

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