HMRC launch Worldwide Disclosure Facility
20 September 2016
Over 100 countries have committed to exchange information on mulilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS). The CRS dramatically increases international tax transparency.
On 31 December 2015 all HM Revenue and Customs (HMRC) offshore facilities closed. Up to that date, HMRC gave incentives to encourage people to come forward and clear up their tax affairs. That’s no longer the case, but before automatic exchange and new sanctions come into force, the Worldwide Disclosure Facility (WDF) will be the final chance to come forward before HMRC use CRS data and toughen their approach to offshore non-compliance.
The facility opened on 5 September 2016. After 30 September 2018, new sanctions under Requirement to Correct will be introduced that reflect HMRC’s toughening approach. You can still make a disclosure after that date but those new terms will not be as good as those currently available.
View full guidance from HMRC on the Worldwide Disclosure Facility.