Declaring untaxed assets
The shift to greater transparency and information sharing has produced an increase in the number of individuals seeking to divulge previously untaxed assets. Several jurisdictions now offer various streamlined measures or amnesty programmes for such taxpayers in an effort to get individuals back into the tax net.
The United States has long had a ‘voluntary disclosure' programme but has recently announced new rules for individuals wishing to ‘come clean'. The United Kingdom has also announced a programme for taxpayers with undisclosed assets but has not yet announced the details of the plan.
The following pages outline the voluntary disclosure programmes of the US and UK, providing commentary and primary source material regarding how taxpayers in both jurisdictions can, in the words of IRS Commissioner Douglas Shulman, ‘get right with their government'.