The Worldwide Disclosure Facility (WDF) came into effect from 5 September 2016. It is a process of voluntary disclosure to the HMRC where UK taxes are due in relation to offshore income, gains, investments, and assets.
To fight against tax evasion, the UK Government have received information from over 100 countries under the Organisation for Economic Co-operation and Development’s Common Reporting Standard (CRS).
We are currently hearing from many individuals, who have received a “nudge” letter from HMRC regarding compliance with offshore matters. Generally, HMRC is looking to charge up to 200% penalty in WDF cases. Tax evasion is a criminal offence, there is no immunity from criminal prosecution in the case of WDF and can go back to 20 years.
At Alliotts we are already helping multiple clients with their WDF disclosures. We offer a bespoke service under strict confidentiality to help with your case, including partner-led advisory.
Please do not wait to contact us, if you need any more information or assistance in dealing with your WDF disclosure, or if you are not sure if you come under the remit of the Worldwide Disclosure Facility.
David Gibbs 大卫 吉布斯
Tax Partner 税务合伙人
Jon Luk 陆锐洲
Partner, Head of China Desk. 合伙人兼中国业务部主管
Wei Wei 魏伟
Tax Manager, Member of China desk 税务经理，中国业务团队成员