Daily Archives: 6 September 2016

HMRC opens Worldwide Disclosure Facility

5 September 2016, HMRC launched the Worldwide Disclosure Facility (WDF), an online portal to enable taxpayers to correct past irregularities in their tax affairs by disclosing a UK tax liability that relates wholly or in part to an offshore issue. The new facility follows closure of all other disclosure opportunities at the end of 2015,…

G20 leaders endorse new international standard for tax transparency

5 September 2016, G20 leaders meeting at the Hangzhou Summit reiterated their call for all relevant countries, including all financial centres and jurisdictions, that have not yet committed to implementing the standard of automatic exchange of information to do so without delay and by 2018 at the latest, as well as to sign and ratify…

HMRC collects £3 billion through accelerated payment notices

5 September 2016, Financial Secretary to the Treasury Jane Ellison announced that HMRC has collected £3 billion through accelerated payment notices (APNs), which oblige taxpayers to pay disputed tax bills immediately while their tax affairs are investigated by HMRC. HMRC has issued 60,000 accelerated payment notices (APNs) since the new rules were introduced in 2014.…

UK government empowered to publish multinationals’ country-by-country reports

5 September 2016, a late amendment to the UK Finance Bill 2016 empowers the government to force UK-based multinational corporations to publish details of their corporation tax payments on a country-by-country (Cubic) basis. The existing Bill contained a provision to oblige multinationals to include Cubic breakdowns in their reports to HMRC and required them to…