Worldwide Disclosure Facility

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

• 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.