Offshore DisclosuresAnything involving offshore accounts, assets or transactions will instantly arouse the interest of H M Revenue & Customs Inspectors no matter how innocent or well intended the reasons for using a facility outside the UK may be. This will apply to individuals, companies, businesses, trusts; in fact anyone or anything with an offshore element. A considerable effort is being made by H M Revenue & Customs to uncover any untaxed income or gains that may be held outside the UK. Clear evidence of this exists in the previous initiatives undertaken by HMRC in the Offshore Disclosure Facility (ODF), the New Disclosure Opportunity (NDO) and the Lichtenstein Disclosure Facility (LDF). HMRC continue to work with overseas colleagues to obtain intelligence about UK based taxpayers with offshore assets and accounts and, of course, HMG have entered into a number of historic Double Taxation Treaties with traditional tax haven countries to change relevant information. In addition to the headline initiatives H M Revenue & Customs have always undertaken project work in this area through their specialist investigators in Specialist Investigations and Civil Investigation of Fraud units. The most serious cases are worked with a prosecution in mind from the outset. Any investigation and enquiry by H M Revenue & Customs involving an offshore element should be treated with great caution and appropriate advice should be sought at the earliest opportunity. We can assess the situation and objectively advise you of the best course of action to take; your affairs may be complex, there may indeed be international tax issues involved and there could be UK issues that need to be taken into account. We can assess the position and objectively advise you as to the best course of action whether it be through the Contractual Discloure Facility (CDF), the Lichtenstein Disclosure Facility (LDF) or the more regular routes of voluntary disclosure. Our considerable experience will be available from the first point of contact to help you take the right route to resolving any offshore tax issues with H M Revenue & Customs.
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