HM Treasury has announced that HMRC is going to double the size of the Liechtenstein Disclosure Facility team. It is hoped to bring in £3bn, in extra tax, interest and penalties.
Since its launch two years ago the number of UK taxpayers registering for HMRC’s Liechtenstein Disclosure Facility (LDF) has been approximately treble the original expectation. One major reason is that this generous tax amnesty facility is not restricted to people with previous associations to Liechtenstein. In fact the vast majority of taxpayers who are making voluntary disclosures using the LDF did not actually have any association with Liechtenstein prior to deciding to use the facility.
Anyone wishing to make a voluntary disclosure can benefit from at least some of the generous terms of the LDF tax amnesty. Many people will qualify for all of the benefits of the LDF. Not surprisingly, many people who are already facing a tax investigation (e.g. of tax evasion) are deciding to opt into the LDF – instead of having their tax affairs dealt with as part of a normal tax investigation.
Whilst the LDF team is part of HMRC’s elite Specialist Investigations unit the cases are worked separately and in a different way to the cases normally operated by that team.
What does it mean for me?
If you want to make a voluntary tax disclosure, or are undergoing any form of tax enquiry whatsoever, then it is highly likely that you will be able to benefit from some of the generous terms of the Liechtenstein Disclosure Facility tax amnesty.
Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesty.
*For a free, private, no obligation consultation, don’t delay, call Paul Lynam today: on 0845 643 9997