Are you aware of the various disclosure facilities offered by the tax authorities to encourage taxpayers to regularise their affairs? In this series of LinkedIn posts, we’ll shed light on these initiatives, with a particular focus on remedial tax. Today, let’s delve into the Lichtenstein Disclosure Facility (LDF), Contractual Disclosure Facility (CDF), and Worldwide Disclosure Facility (WDF).
1. Lichtenstein Disclosure Facility (LDF):
The LDF was one of the noteworthy disclosure facilities that garnered attention in recent years. However, unfortunately it was a victim of its own success, and it was criticised for its perceived generosity.
2️. Contractual Disclosure Facility (CDF):
The CDF presents a unique opportunity for individuals or businesses dealing with sleepless nights over what may be relatively minor tax issues. At DSC Metropolitan, we’ve been able to deliver substantial value both psychologically and financially to our clients through this facility. Our experience enables us to assess whether the Revenue will accept the case into one of the disclosure facilities, with the CDF being a popular choice. By emphasising total disclosure, we assist clients in unwinding any unwise dispositions and resolving their tax concerns.
3️. Worldwide Disclosure Facility (WDF):
Another important disclosure facility is the WDF, which aims to encourage taxpayers to disclose any previously undisclosed offshore assets or income. By proactively coming forward and making a full disclosure, individuals can take advantage of this facility to regularise their tax affairs and avoid severe penalties. The WDF provides an opportunity for taxpayers to rectify unintentional errors or oversights.
If you find yourself in a situation where you suspect tax trouble, remember that it’s crucial to seek professional assistance. We understand the potential stress and uncertainty you may be facing, and we’re here to help. At DSC Metropolitan, we provide confidential and non-judgmental support, ensuring that we explore all available avenues, such as the Digital Disclosure Service, to help you resolve your tax matters voluntarily.
Reach out to us in confidence, and we’ll work with you to assess your situation, provide guidance, and help you navigate through the available disclosure facilities. Don’t let uncertainty hold you back. Let’s work towards finding the best solution for your financial life. Read about our Remedial Tax Services.
