Guernsey Disclosure Facility - Gilbert Tax Specialists

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Guernsey Disclosure Facility

This Disclosure Facility is now closed. The information on this page is provided for reference.

HMRC have recently supplied more information online relating to the Guernsey Disclosure Facility and what this entails with regards to if someone can take part and the terms of the Guernsey Disclosure Facility.

The Guernsey Disclosure Facility is almost identical to the Isle of Man Disclosure Facility and the Jersey Disclosure Facility.

The Guernsey Disclosure Facility runs from 1 April 2013 until 30 September 2016.

In summary:

  • The Guernsey Disclosure Facility is open to anyone if they have an Guernsey asset or one is purchased before 31 December 2013 (including just shares in a qualifying company)
  • The Guernsey Disclosure Facility is open to UK residents

No one whom is subject to an open full tax investigation can participate in the Guernsey Disclosure Facility.

The benefits, if you qualify to participate in the Guernsey Disclosure Facility are:

  • Tax as a result of the disclosed tax evasion only has to be calculated from 1 April 1999 to the end of the last tax year
  • The penalty as a percentage of the tax due will be 10% of the tax due for years 1999/2000-2007/8 and 20% for 2008/9 onwards

Even if you do not currently hold any overseas assets you can, in if certain criteria are met, qualify to take part in the Guernsey Disclosure Facility even if you have never previously had any offshore assets. This will no longer be the case post 31 December 2013.

The beneficial terms of the Guernsey Disclosure Facility do not apply if you opened an offshore bank account or purchased certain offshore investments via a UK branch of a bank (although this can to some extent be mitigated before 31 December 2013 to enable someone to take part in the Guernsey Disclosure Facility).

Where an individual or business have had an in depth tax investigation or they have been approached by HMRC under a previous tax disclosure facility such as the Offshore Disclosure Facility, then although they may be able to take part in the Guernsey Disclosure Facility the beneficial terms will not be available and the tax HMRC will want will relate to a 20 year period and the reduced rates of penalty will not apply.

There is no guarantee of that people whom request to take part in the Guernsey Disclosure Facility will not be prosecuted. In reality as long as a full disclosure of all tax evasion is made prosecution will only be considered there is criminal activity (tax evasion is not considered to be Criminal Activity for this purpose) or an individual falls within HMRC's prosecution policy.

HMRC are tax as a result of the tax evasion is paid promptly and if this does not occur this could result in withdrawal of the benefits of the Guernsey Disclosure Facility.

The Guernsey Disclosure Facility must be a full disclosure of all tax evasion and it must generally be completed within 6 months of HMRC accepting someone into the Guernsey Disclosure Facility.

Taking part in the Guernsey Disclosure Facility and ensuring that all tax evasion is declared can be a difficult and daunting process for any individual and professional representation is important for all but the simplest cases.

The HMRC question and answer guidance be found here. The published documentation relating to the Guernsey Disclosure Facility can be found here.

It is clear that the days of holding offshore assets to assist in tax evasion are coming to an end. These offshore disclosure opportunities are an ideal opportunity for most people to regularise their tax affairs (or that of their business).

How Can We Help?

Gilbert Tax understands that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.

Gilbert Tax is a firm of tax advisors who specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.

Gilbert Tax deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.

The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.

Gilbert Tax are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business.

For helpful, no obligation and confidential advice call 0800 734 3333

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