View more on these topics

HMRC extends Liechtenstein Disclosure Facility

HMRC has extended the Liechtenstein Disclosure Facility after 2,000 UK taxpayers came clean under the agreement.

HMRC says the number of respondent has exceeded its expectations.

The LDF, which launched on September 1, 2009, means after full disclosure a fine of up to 20 per cent of tax due will be levied instead of 100 per cent, with tax interest and penalties only sought for the previous 10 years rather than the previous 20.

Permanent secretary for tax Dave Hartnett says: “As the number of disclosures already exceeds the total we originally expected for the whole period of the LDF, we have agreed with the Liechtenstein government that it makes sense to extend the facility by one year to April 5, 2016.”


HMRC has also introduced a double taxation agreement with Liechtenstein, which will implement new laws ensuring exchange of information arrangements.

Liechtenstein was the only European Economic Area member without a DTA with the UK.

Exchequer Secretary David Gauke says: “This Government is committed to ensuring that offshore income is properly taxed.

“Today’s agreement takes that commitment forward by providing greater transparency and certainty to the taxpayers of both our countries about how their incomes and gains will be taxed.”

Recommended

Winter warmer

February has arrived! Can it be as kind to investors as January? At least, January appeared to be proving kind towards the end of last week. Indeed, the index was on track to produce the sort of return that would have followers of old stockmarket adages salivating at the prospect of a positive year ahead.The […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. I wonder when Dave Hartnett starts at Goldman Sachs?

Leave a comment