The Liechtenstein Disclosure Facility (LDF) is the one true Tax Amnesty. Since it was started in 2009 more than 2,400 people have registered with HMRC to disclose unpaid tax under the LDF; with £363 million already paid: the taxman announced today.
HM Revenue & Customs expect the Liechtenstein Disclosure Facility to bring in about £3 billion by 2016. Crucially (but confusingly) this generous Tax Amnesty is open to most UK taxpayers: and not only those with connections to Liechtenstein. In fact the vast majority of those who have signed up had probably never previously heard of the tiny alpine principality. Many have used it because they were already undergoing a Tax Enquiry (to get better terms: such as the reduced penalty) or because they were worried by the Swiss Tax Agreement.
A change today makes available a Single Charge Rate of 50% to apply to undisclosed UK tax liabilities for the tax year 2010/11. This can be extremely valuable for people with multiple tax charges: e.g. undisclosed business profits which would otherwise be taxed to Income Tax, Vat and National Insurance.
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