Jersey Disclosure Facility - Gilbert Tax Consultants

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Jersey Disclosure Facility

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

Tax Amnesty Opportunity

HMRC have published information regarding the Jersey Disclosure Facility and who and how people can participate in the Jersey Disclosure Facility to disclose tax evasion.

The Jersey Disclosure Facility is very similar to the Guernsey Disclosure Facility and the Isle of Man Disclosure Facility.

The Jersey Disclosure Facility starts on 1 April 2013 and ends on 30 September 2016.

  • The Jersey Disclosure Facility is available if you have a Jersey asset, It is also possible to take part in the Jersey Disclosure Facility by purchasing a Jersey asset or investment before 31 December 2013 (including shares in a Jersey company)
  • To take part in the Jersey Disclosure Facility you must be UK resident

Where a person or business is subject, at 1 April 2013, to a full tax enquiry they cannot take part in the Jersey Disclosure Facility.

Benefits of the Jersey Disclosure Facility include:

  • The tax evasion only has to be disclosed from 1 April 1999. In a normal tax investigation HMRC can seek tax as a result of deliberate tax evasion for up to 20 years past
  • Usually the penalty will be10% of the tax due for years 1999/2000-2007/08 and 20% for 2008/09 onwards. There are some exceptions to this

An individual of business can, if certain criteria are met, take part in the Jersey Disclosure Facility even if they have never owned any offshore assets in Jersey. This concession ceases at 31 December 2013.

The benefits of the Jersey Disclosure Facility do not apply where an offshore bank account was opened or certain offshore investments were purchased using a UK branch of a bank (although this can possibly be mitigated before 31 December 2013).

If someone has been subject to an in depth tax investigation or contacted by HMRC under a previous tax disclosure facility( New Disclosure Opportunity/Offshore Disclosure Facility), they may be able to take participate in the Jersey Disclosure Facility but the beneficial terms will not be available (the tax evasion will have to be disclosed for a 20 year period and the reduced rates of penalty will not apply).

The Jersey Disclosure Facility does not guarantee participants will not be prosecuted. In reality as long as a full disclosure of all tax evasion is made then prosecution is unlikely. HMRC have stated that prosecution will only be considered if there is criminal activity (tax evasion is not Criminal Activity for this purpose) or where an individual falls within HMRC's prosecution policy.

All tax as must be paid promptly. Lack of payment, unless in exceptional circumstances, could result in withdrawal of the advantages of the Jersey Disclosure Facility.

A full disclosure of all tax evasion wherever it occurred must be made and the timescale to make this disclosure is 6 months from the date HMRC agree that the Jersey Disclosure Facility is available.

Participating in the Jersey Disclosure Facility and getting the numbers right can be a difficult and daunting process and professional representation is important.

The HMRC question and answer paper on the Jersey Disclosure Facility offers further more detailed explanations and can be found here.

It is clear that the G8 and OECD nations are determined that holding offshore assets to assist in tax evasion comes to an end. These offshore disclosure facilities are an ideal opportunity for 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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