Offshore Disclosures

The government is stepping up its campaign against offshore evasion, the process of moving UK gains, income or assets offshore to conceal them from HMRC. A number of bilateral agreements have been signed with individual countries to allow for automatic reporting of information and improved international tax transparency. Alongside these agreements, HMRC is providing disclosure facilities to address historic tax evasion by UK citizens. 

Cayman Islands-UK tax agreement

UK taxpayers with accounts in the Cayman Islands will be reported to HMRC automatically every year as part of a new agreement, the first to be signed with a British overseas territory. Contact us for further information and to make an initial confidential no-obligation appointment to discuss your particular situation.

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Liechtenstein Disclosure Facility (LDF)

The LDF provides a unique opportunity for UK taxpayers with undeclared offshore assets to regularise their position with HMRC. If you have undisclosed assets outside Lichtenstein, you can still take advantage of the LDF by the simple expedient of opening a bank account there before the LDF expires.

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Swiss/UK Tax Cooperation Agreement

This agreement with the Swiss Federal Tax Authority came into force on 1st January 2013 and provides a number of options for UK taxpayers to resolve unpaid tax liabilities arising from assets held in Switzerland. More details can be found here.

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Isle of Man Disclosure Facility

In Febuary 2013 The UK and The Isle Of Man signed a tax sharing agreement. The Isle of Man Disclosure Facility provides an opportunity for taxpayers with assets or investments held in the Isle of Man to bring their UK tax affairs up to date before their details are automatically passed to HMRC.

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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 6th April 2013 until 30th September 2016 and more details can be found here.

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Guernsey Disclosure Facility

The Guernsey Disclosure Facility provides an opportunity for eligible customers with assets or investments held in Guernsey to bring their UK tax affairs up to date. The disclosure facility runs from 6th April 2013 until 30th September 2016 and more details can be found here.

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