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  • Naresh Sethi

Overseas Income Undisclosed?

The 'Worldwide Disclosure Facility' is available to UK residents who have not disclosed overseas income or assets. The deadline is 30 September 2018. The Common Reporting Standard is in full swing with HMRC receiving unprecedented amounts of information on the overseas assets of those resident in UK. There is a requirement to correct - Voluntarily disclose these under the 'WDF' before 30 September 2018. The guideline for penalties under the scheme are (as a percentage of the tax owed) : 0 - 30% for careless errors; 20 - 70% for deliberate errors; up to 100% for deliberate errors with concealment; they also depend on the circumstances and conduct. They can rise to 200% in extreme cases; high amounts of tax unpaid are treated more seriously.

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