Disclosures of untaxed offshore assets under HMRC’s Worldwide Disclosure Facility (WDF) increased by 146% to 5,400 in the year to 5 April 2023, report accounting and business advisers Lubbock Fine.
Voluntary disclosure under the WDF generally means more favourable treatment in terms of penalties. The increased engagement is thought to be at least partly the result of HMRC’s nudge letters, sent out to those it suspects may have undisclosed offshore assets, using data received under the Common Reporting Standard.
Graham Caddock, Director at Lubbock Fine, said: ‘The surge in people admitting to undertaxed income and gains shows that HMRC’s more active approach, supported by the amount of information they are receiving, is getting better and yielding more tax to help reduce the tax-gap.’
Disclosures of untaxed offshore assets under HMRC’s Worldwide Disclosure Facility (WDF) increased by 146% to 5,400 in the year to 5 April 2023, report accounting and business advisers Lubbock Fine.
Voluntary disclosure under the WDF generally means more favourable treatment in terms of penalties. The increased engagement is thought to be at least partly the result of HMRC’s nudge letters, sent out to those it suspects may have undisclosed offshore assets, using data received under the Common Reporting Standard.
Graham Caddock, Director at Lubbock Fine, said: ‘The surge in people admitting to undertaxed income and gains shows that HMRC’s more active approach, supported by the amount of information they are receiving, is getting better and yielding more tax to help reduce the tax-gap.’
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