Jersey Disclosure Facility
The Jersey Disclosure Facility provides an opportunity for eligible customers with assets or investments held in Jersey to bring their UK tax affairs up to date. The disclosure facility runs from 6 April 2013 until 30 September 2016.
If you are eligible you will be entitled to limit your disclosure to tax periods ending on or after 1 April 1999 and to pay penalties within prescribed limits.
The Jersey government will require all financial intermediaries in Jersey to contact clients who may be eligible to use the disclosure facility. However it is your responsibility to make sure you submit your application to participate within the time limits above and you should not wait for your financial intermediary to contact you before you do this.
The facility is open to:
- individuals who have been resident in the UK for UK tax purposes at any time between 6 April 1999 and 31 December 2013
- companies or any other legal person either incorporated in the UK or resident in the UK for UK tax purposes at any time between 1 April 1999 and 31 December 2013
In each case you must also have held a beneficial interest in ‘relevant property’ at any point in the period specified. ‘Relevant property’ covers a wide variety of assets or interests either held in or administered from Jersey, ranging from a single bank account to complex trust structures.
Assistance for the Jersey Disclosure Facility
Taylorcocks’ tax experts can guide you through the disclosure process. Bear in mind that the Liechtenstein Disclosure Facility (LDF) may provide an alternative and more favourable disclosure option.