Offshore Disclosure

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Offshore Disclosure

The taxman is getting access to an unprecedented amount of information about offshore bank accounts held by UK citizens.  HMRC are warning that they will investigate everyone with an offshore bank account, who does not step forward now to make a voluntary disclosure.  The investigations could be on criminal lines.  But as well as the stick of in-depth tax investigation HM Revenue and Customs have set up voluntary disclosure facilities, better known as Tax Amnesties.  These offer taxpayers the opportunity to clear historic tax problems on very favourable terms.

These disclosure facilities only last for a limited period of time.  In the meantime, HMRC are carrying on with their investigation programme.  So delaying coming forward could have serious and unwelcome consequences.

These voluntary disclosure opportunities (the Offshore Disclosure Facilities) offer generous settlement terms, never previously available from the taxman, but they do require a previous link to the relevant country.  However, despite its name, one of the tax amnesties, the Liechtenstein Disclosure Facility (LDF), is even open to people who never had any offshore assets. 

It is anticipated that more Crown Dependencies (e.g. British Virgin Islands) will sign similar Tax Information Exchange Agreements soon; leading to further disclosure facilities for people with accounts in those territories.  In the meantime, anyone with an offshore bank account or asset could disclose using the LDF.

How can Panacea Tax Disclosure Experts help me?
Our Tax Disclosure Specialists have a huge amount of experience in dealing with voluntary disclosures in respect of UK residents with offshore bank accounts. We have the training, knowledge, skills and deep experience to manage your offshore disclosure to HMRC.  We can reduce the stress and get the best solution for you.