Coming on the heels of the recently announced offshore disclosure facility for the Isle of Man, HMRC have now announced details of new facilities with both Guernsey & Jersey.

The HMRC Guernsey and Jersey Disclosure Facilities are intended to provide an opportunity for those eligible who have assets or investments held in Guernsey or Jersey to bring their UK tax affairs up to date. Each facility can be used to make a full disclosure of outstanding liabilities and pay any amount due with each one running from 6 April 2013 until 30 September 2016.

Those eligible will be entitled to limit their disclosure to tax periods ending on or after 1 April 1999 and to pay penalties within prescribed limits.

Both agreements made require the requisite government to require all financial intermediaries in each jurisdiction to contact clients who may be eligible to use the disclosure facility. However it is each individuals own responsibility to make sure they submit their application to participate, within the time limits above.

More details on each facility are available at:-http://www.hmrc.gov.uk/offshoredisclosure/jersey.htm