Worldwide Disclosure Facility

We can help you approach HMRC.

The Worldwide Disclosure Facility (WDF) is a mechanism to make a voluntary disclosure relating to ‘offshore interests’.

  • HMRC has increased its focus on the ‘tax gap’ and ever-increasing transparency across global tax authorities in an attempt to end tax evasion.
  • It is important for you to ensure you are fully tax compliant, or you could face severe penalties from HMRC.
  • This needs to be done whether you are an individual, company or a trustee.

Why you need to review your tax position

1. Increasingly complex and constantly changing UK tax legislation
  • The rules concerning offshore matters have changed drastically and rapidly.
  • Heavy anti-avoidance measures have been introduced, aimed at offshore trust structures and overseas property structures.
  • You could be inadvertently affected by unknown issues created by third parties, changes to complex trust rules that have not been appreciated.

2. Increasing global transparency

  • The new Common Reporting Standard is now in force, which is an automatic exchange of financial information between countries.
  • HMRC’s ‘connect’ software allows the collection and analysis of millions of lines of data means you might be susceptible to investigation, even if you do not realise you have a tax issue.

3. Penalties and other consequences

  • HMRC is prosecuting more cases and demanding higher penalties for offshore offences (up to 300%).
  • You could be at risk of reputational damage from HMRC’s ‘Name and Shame’ powers.

How we can help

  • Review your tax position.
  • Research and deliver an assessment of your risk.
  • Assist you with making a voluntary disclosure.
  • Guide you through a current investigation.

Contact us

Sean Wakeman
Sean Wakeman
Partner, Head of Tax Resolutions
London
John Cassidy
John Cassidy
Partner, Tax Resolutions
London