Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Worldwide disclosure facility penalty assessments - update

21 September 2021
Issue: 4809 / Categories: News

Earlier this year HMRC issued assessments to taxpayers in respect of offshore tax disclosed using the worldwide disclosure facility following the introduction of the requirement to correct (RTC) legislation (F(No 2)A 2017 Sch 18). These rules extended some assessing time limits which ran out on 5 April 2021.

HMRC is now contacting taxpayers and agents to discuss the circumstances that led to offshore income not being declared. Taxpayers are invited to share any mitigating factors that can be considered when assessing a penalty. HMRC will send a letter to taxpayers and agents ahead of calling them.

After that call HMRC will send the taxpayer a letter setting out the penalty that will be charged – assuming one is due. The taxpayer will then have an opportunity to tell HMRC about any further evidence before a penalty assessment is raised...

Only subscribers may read the full article

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
back to top icon