Tax Disclosures

Getting your relationship with HM Revenue & Customs (HMRC) on the right track.

HMRC and other Revenues across the world are increasing their focus on the tax gap and putting tax transparency at the top of their agenda. The search for undeclared assets, income and gains is increasing. If you need to straighten up your tax affairs (anywhere in the world), then you need an adviser who knows the Taxman's structure, practises and processes inside out. If you need help either to review you tax position, make a voluntary tax disclosure or to resolve a tax investigation, we can help.

We can help

  • The most generous UK tax disclosure opportunity ever: the Liechtenstein Disclosure Facility (LDF) is available until April 2016.
  • UK residents with a Swiss bank account had to take action under the UK/Swiss tax agreement but there are some residual issues if you want to get a clean bill of health from HMRC.
  • The Isle of Man will soon start to report UK resident financial information to HMRC. The Isle of Man Disclosure Facility (IOMDF) has been launched to create an opportunity for anyone with undeclared assets in the Isle of Man to come clean.
  • Jersey and Guernsey have both agreed to report UK resident financial information to HMRC and have introduced the Jersey Disclosure Facility (JDF) and Guernsey Disclosure Facility (GDF) to encourage people to report previously hidden assets.
  • US taxpayers needing to regularise their tax position with the IRS should read about the Offshore Voluntary Disclosure Initiative (OVDI).
  • Cayman Islands, British Virgin Islands, Bermuda, Gibraltar and Turks and Caicos have agreed to share information with the UK.  For more information about  UK FATCA view this short video.
  • Automatic exchange of financial information between countries will soon be a reality.  The OECD have announced that many countries including UK, France, Germany, Italy, Spain, India and Australia have agreed to introduce automatic exchange of information by 2017 under a  Common Reporting Standard (CRS).

You can contact our experts or our helpline anytime to talk through your issue. Initial meetings are free and confidential.

We can also help you get your relationship with other tax authorities on the right track.

Download: Voluntary Tax Disclosures - PwC’s Worldwide Support