HMRC’S WDF statistics – where are we now?

Posted On: 02 Jul 2020

Amit Puri, who leads our Tax Investigations and Disputes practice was recently published in the June issue of the Institute of Certified Practising Accountants (ICPA)  bi-monthly magazine.

Within the article, Amit examines HMRC’s Worldwide Disclosure Facility (WDF) statistics and asks the question – where are we now?

Most tax practitioners will be aware the deadline for registering with HMRC to make a voluntary tax disclosure under the Requirement to Correct (RTC) provisions has long since passed. The RTC rules required any person with historic offshore tax irregularities as at 5 April 2017 and/or earlier to ‘correct’ them by 30 September 2018.

Unlike previous offshore disclosure facilities there was no carrot here, but a large stick was waiting for those only subsequently disclosing (voluntarily) and those identified by HMRC (prompted) as having historic tax exposure. Unfortunately, the stricter Failure to Correct (FTC) penalties came into force for all such clients who had not notified HMRC during the RTC window: (where the taxes payable were income tax, capital gains tax or inheritance tax).

Read Amit’s full article here.

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