Due Diligence

HMRC opens the Worldwide Disclosure Facility


By added on 07/09/2016

 

The facility opened on 5 September 2016. After 30 September 2018, new sanctions under Requirement to Correct will be introduced that reflect HMRC’s toughening approach. A disclosure can still be made after that date but those new terms will not be as good as those currently available.

Over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS). The CRS dramatically increases international tax transparency.


On 31 December 2015 all HM Revenue and Customs (HMRC)  offshore facilities closed. Up to that date, HMRC gave incentives to encourage people to come forward and clear up their tax affairs. That’s no longer the case, but before automatic exchange and new sanctions come into force, the Worldwide Disclosure Facility (WDF) will be the final chance to come forward before HMRC  use CRS data and toughen their  approach to offshore non-compliance.