HMRC introduce Worldwide Disclosure Facility for individuals to declare offshore income
In September 2016, HMRC launched a new facility known as the Worldwide Disclosure Facility for individuals to disclose undeclared offshore income. This facility is being introduced as part of the Common Reporting Standards under which various governments exchange income and asset (including property) details of individuals with each other. It is understood that the facility will come to an end in October 2018 and individuals that fail to avail this facility by the deadline will receive a penalty of up to 100% of the unpaid tax depending on the seriousness of the situation. The Worldwide Disclosure Facility if availed correctly offers immunity from prosecution and lower penalties as compared to filing tax returns for the relevant years.