Worldwide Disclosure Facility

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HMRC has stated that the Worldwide Disclosure Facility is the final chance to put things right for those individuals with outstanding UK tax liabilities on undeclared offshore money or assets.

Over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS). The CRS dramatically increases international tax transparency. Don’t get caught out…

HM Revenue & Customs (HMRC) and other tax authorities across the world are increasing their focus on the tax gap and putting tax transparency at the top of their agenda.

Tax compliance is more critical than ever before. If you think you may not be completely compliant, the message is clear – tell HMRC or face increasingly severe consequences.

If you need someone to review your tax position, make a voluntary disclosure, advise you through an investigation or support you in the event that criminal charges are threatened, we can advise.

In making any disclosure to HMRC, it is strongly recommended that you seek professional advice in both computing any liabilities due and making any representations to HMRC to seek to minimise your financial exposure.

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and see how we can minimise your tax liability.





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What our clients say

Livingstones Accountants have provided me with invaluable support and assistance at all hours of the day. English not being my first language, they have taken the time to go to the extra mile to ensure I understood the HMRC jargon.

David Lau,

What are the benefits of using this facility?

Disclosure under the Worldwide Disclosure Facility is considered voluntary and therefore the penalties are lower than those applied as a result of a HMRC  prompted enquiry, also HMRC tend not to pursue criminal prosecutions where a voluntary disclosure is made.

In addition to this, information exchange under the terms of the CRS will commence on in May 2017 and Tax payers who have not made a disclosure by September 2018, but HMRC are in receipt of overseas information in connection with their tax affairs can expect to be vigorously pursued.

Who can use the facility?

Anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue can use the facility. An offshore issue includes unpaid or omitted tax relating to:

  • 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
  • anything having effect as if it were income, assets or activities of a kind described above

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