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April 2013

Increasing the opportunity to disclose

HM Revenue and Customs (HMRC) have announced the latest of their disclosure facilities this time targeting those with assets or investments in Isle of Man, Guernsey and Jersey. The disclosure facility is open from 6 April 2013 until 30 September 2016, and should people make a voluntary disclosure in this timeframe they will receive preferential terms.

UK and Isle of Man, Guernsey and Jersey authorities are working in co-operation and details of UK resident account holders are being passed to UK authorities. Financial institutions in their respected regions will be writing to all their UK-resident clients to inform them of the existence of these facilities.

In order to be eligible for a disclosure you must be a resident in the UK for UK tax purposes at any time between 6 April 1999 and 31 December 2013, or companies would need to have been incorporated in the UK during this time.

We have expertise in this specialist area and can advise further if you think you might be affected, or wish to take advantage of this latest disclosure facility, if so please contact our tax team today on either 02476 518 555 or 0121 711 2468.