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Tax disclosure and transparency

Maintaining compliance in a transparent world

New, international measures, introduced to counter suspected offshore evasion and money laundering will have significant impact for UK taxpayers, including those who have historically been fully compliant in reporting and meeting their UK tax liabilities.

The last decade has seen significant tax and regulatory change, including the introduction of global information exchange programmes like the Common Reporting Standard, new and increased penalty regimes for offshore tax compliance errors, proposals to extend HMRC’s powers to assess tax and issue formal information notices, the introduction of the Criminal Finances Act and the ongoing complexity and development of the UK tax system. At the same time, a decrease in HMRC staff numbers has seen HMRC develop a new, data-analytics focused approach to tax enquiries.

Both individuals and businesses are affected by the changes and many taxpayers have chosen to review their historic affairs in order to check both whether any questions raised by global information exchanges can be explained swiftly and accurately, and also whether historic advice taken remains up to date and compliant with new tax law.

Deloitte has a specialist team of tax dispute resolution experts, assisting individuals, family offices, trustees and corporate clients in both a pre-litigation and a litigation stage of discussions with HMRC. These specialists work alongside colleagues who focus on risk governance reviews, FATCA and CRS compliance programmes and forensic analysis.