Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

UK HMRC offshore disclosure facilities: ODF, NDO, LDF, UK-Swiss Tax Co-operation Agreement, Crown Dependency Disclosure Facilities and Worldwide Disclosure Facility - overview, terms and closure dates

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Practice notes

Since 2007, HMRC has run a series of disclosure routes for individuals with offshore investments. These schemes offered a limited window to come forward voluntarily and put tax affairs in order with reduced penalties compared with those later identified by HMRC

This Practice Note provides a brief introduction to the:

Offshore Disclosure Facility (ODF), which closed in 2007
New Disclosure Opportunity (NDO), which closed in 2010
Liechtenstein Disclosure Facility (LDF), which closed in 2015
UK-Swiss Tax Co-operation Agreement (Agreement) which closed on 31 December 2016
Jersey, Guernsey and Isle of Man Disclosure Facilities (crown dependency Disclosure Facilities), which closed in 2015
Worldwide Disclosure Facility (WDF)

Offshore Disclosure Facility

HMRC introduced the ODF in April 2007 to coincide with obtaining data on overseas account holders from five major clearing banks, using its powers under section 20(8A) of the Taxes Management Act 1970 (now replaced by Schedule 36, paragraph 5 to the Finance Act 2008). The ODF gave taxpayers with offshore accounts the chance to disclose income and gains previously omitted from tax returns...

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Web page updated on 22/05/2026

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