What Was The Guernsey Disclosure Facility?

The Guernsey Disclosure Facility provided an opportunity for UK Tax payers with bank accounts of assets held in Guernsey to make a tax disclosure to HMRC.

The facility was used by taxpayers to disclose hidden assets to HMRC and pay any amount owed in return for some extraordinary benefits.

What were the benefits of the Guernsey Disclosure Facility?

  • HMRC could only go back as far as 1999. Under normal circumstances, HMRC go back 20 years.
  • Fixed low penalties of up to 10% (rising to 20% for tax years following 2007/08). Usually, HMRC will apply a 30–100% penalty and new legislation means that HMRC can charge 200% in certain circumstances.
  • Complete privacy – HMRC could not name and shame people.
  • No minimum deposit required.

 

If you have hidden assets or undeclared earnings in Guernsey and would like to declare these now then contact KinsellaTax today.

One of our many specialists will conduct a free and confidential consultation with you about your affairs and the options available to you to provide you with the assurances you really need.

Call our team now on 0800 471 4546.

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