UK Guidance Updated On CDs Offshore Disclosure Schemes
by Jason Gorringe, Lowtax.net, London
14 October, 2015
HM Revenue and Customs (HMRC) has recently updated the guidance and forms for applications under the offshore disclosure facilities available for UK taxpayers with outstanding UK tax liabilities for holdings in the Crown Dependencies (CDs) – Jersey, Guernsey, and the Isle of Man.
According to HMRC, the facilities give eligible UK taxpayers the chance to declare their worldwide income and bring their UK tax affairs up to date quickly and without having to undergo an in depth investigation, providing a disclosure is completed by the revised deadline of December 31, 2015.
A payment must be made within 30 days of a taxpayer's application date that accurately reflects the total tax liability of the disclosure.
HMRC's guidance and the relevant forms have recently been amended to fully reflect the extended deadline, first announced in September, and to change the postal address for disclosures.
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