The following Private Client guidance note provides comprehensive and up to date legal information covering:
Since 2007, HMRC has offered a series of disclosure facilities to individuals with offshore investments. These facilities provide a limited opportunity for individuals to come forward voluntarily to clean up their tax affairs with lower penalties than will be suffered by those who do not come forward and are later caught by HMRC. This Practice Note provides a brief introduction to the:
Offshore Disclosure Facility (ODF), which closed in 2007
New Disclosure Opportunity (NDO), which closed in 2010
Liechtenstein Disclosure Facility (LDF), which closed in 2015
UK-Swiss Tax Co-operation Agreement (Agreement) which closed on 31 December 2016
Jersey, Guernsey and Isle of Man Disclosure Facilities (Crown Dependency Disclosure Facilities), which closed in 2015
Worldwide Disclosure Facility (WDF)
The ODF was launched by HMRC in April 2007 to coincide with HMRC obtaining information about overseas account holders from five major clearing banks using its powers under section 20(8A) of the Taxes Management Act 1970 (since replaced by Schedule 36, paragraph 5 to the Finance Act 2008). The ODF provided the opportunity for taxpayers with offshore accounts to disclose any income and gains not previously included in tax returns. In return for a full disclosure of undeclared tax liabilities for the last 20 years and payment of the tax and interest due, taxpayers received a fixed penalty of 10%
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234