Commenting on the announcement from HMRC on new plans to clamp down on offshore tax evaders, Mike Down, head of tax investigations at RSM said:
‘Today’s announcement from HMRC gives us scant detail on the new Worldwide Disclosure Facility (WDF) for those wanting to come forward and pay outstanding taxes from offshore investments and accounts. However, we now know that there will be “no special terms” which presumably means that although there will be a streamlined process for making reports to HMRC, the tax interest and penalties will be payable in full.
‘There is also no mention of immunity from prosecution, which was available in the now closed Liechtenstein Disclosure Facility. This confirms that such immunity is no longer an acceptable option.’