What was the Jersey Disclosure Facility?
Were you a UK taxpayer with undeclared assets in Jersey?
The Jersey Disclosure Facility provided taxpayers with hidden assets or undeclared earnings held in Jersey to rectify their tax affairs. The facility was used to make a full disclosure of outstanding payments and pay any amount owed.
What were the benefits of the facility?
- HMRC only went back as far as 1999. Normally, HMRC can investigate back as far as 20 years.
- Penalties of up to 10% were be applied for the period up to and including the 2007/08 tax year. A penalty of 20% was applied in most circumstances from 2008/09 onwards. HMRC can now charge 200% penalties in exceptional circumstances.
- The facility was confidential – no naming and shaming.
- Unlike other disclosure facilities, such as the LDF, there was no minimum deposit requirement.
If you still have undeclared assets in Jersey contact KinsellaTax today and talk to us about an alternative: – Worldwide Disclosure Facility
A member of our team will hold a confidential discussion with you about your tax situation and provide you with expert, honest advice and support on all areas of assets held in Jersey.