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How coming clean to the taxman has lost its carrot

Our head of Disputes & Forensics, Liz Coleman recommends that IT contractors and other taxpayers take the opportunity of HMRC’s new Worldwide Disclosure Facility (WDF) to reveal any still secret offshore arrangements before the collection regime gets even more tough.  Sadly, there are no incentives to do so, but the penalties are eye-wateringly draconian. Her blog appears on the Contractor UK website:

“Before you run to the hills to set up your very own tax haven (tip: first check it’s not located in one of the more than 100 countries already feeding HMRC with data), consider that things might be about to get a lot worse. Indeed, we actually regard the WDF as the last chance to strike a peace deal with a taxman who’s increasingly on the warpath.”

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