City tax specialist warns of HMRC’S decision to close beneficial disclosure facilities earlier

As part of this year’s recent announcements, HM Revenue and Customs has revealed that the deadline for multiple offshore disclosure facilities has been brought forward to December, 31 2015.

Leading tax specialist at Haines Watts Victoria Street, Des Veney, is urging those who are not fully tax compliant to get their finances in order immediately, while the beneficial facilities are still available.

Agreements including the Liechtenstein Disclosure Facility (LDF), which was originally scheduled to end in April 2016, and the Crown Dependency Facilities in September 2016, will both come to a closure earlier than expected due to HMRC’s new stricter, less lenient approach to offshore tax evasion.

Des said: “As a result of the two disclosure facilities, thousands of UK taxpayers have opted to come forward on a voluntary basis over the years, in order to become tax compliant and help diminish the risk of heightened penalties.

“Unlike typical HMRC protocol, the LDF and Crown Dependency Facilities offer vast benefits including protection against criminal prosecution, no ‘naming and shaming’ of the individuals, together with a possibility of reduced penalty rates and a reduction in the required disclosure period.

“In line with the current Government’s firm approach, a proposed facility will be available in 2016 – however the terms of any future disclosure facility are likely to be much less lenient, with that in mind, time is ticking for those wanting to reap the benefits of the current disclosure facilities that are available until the end of the year.

“It is constantly in the news about the Government’s continuous crackdown on tax evasion, which will no doubt continue whatever the result is of the forthcoming General Election and my advice to clients is to make an appointment with a member of our tax investigation team as soon as possible, while the benefit of using a disclosure scheme are still available.

“Having dealt with numerous cases, we are able to guide clients through the disclosure process with ease and efficiency.”