HMRC has updated its guidance How to make a voluntary disclosure to HMRC which explains how to make a disclosure which does not otherwise qualify for an HMRC disclosure scheme. The update covers disclosures where there is a loss of tax involving an offshore matter or offshore transfer. The guidance notes that, where the tax loss involves an offshore matter or offshore transfer, identifying the loss of tax can be significantly more difficult. In such cases, assessment can be made up to 12 years after the tax year to which the loss relates. This extended time limit applies from 2013/14 onwards for loss of tax brought about carelessly, and for 2015/16 onwards in all other cases.
HMRC has updated its guidance How to make a voluntary disclosure to HMRC which explains how to make a disclosure which does not otherwise qualify for an HMRC disclosure scheme. The update covers disclosures where there is a loss of tax involving an offshore matter or offshore transfer. The guidance notes that, where the tax loss involves an offshore matter or offshore transfer, identifying the loss of tax can be significantly more difficult. In such cases, assessment can be made up to 12 years after the tax year to which the loss relates. This extended time limit applies from 2013/14 onwards for loss of tax brought about carelessly, and for 2015/16 onwards in all other cases.
