View more on these topics

Liechtenstein deal extended by HMRC

HM Revenue & Customs has extended the Liechtenstein disclosure facility after 2,000 UK taxpayers came clean under the agreement.
HMRC says the number of respondents exceeded its expectations.

The LDF, which started 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 years.

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.”
Calculis chartered financial planner Alex Pegley says: “It would be better for HMRC to get the money onshore and tax it here but 20 per cent of something is better than 100 per cent of nothing.”


Rowan Dartington to launch model portfolio service

Rowan Dartington is to launch five risk-rated model portfolios as well as three direct shares and collectives portfolios. The five risk-rated portfolios will allow clients access to equities, bonds and collectives, while the three model portfolios – which will be comprised of an income, balanced and growth offering – will offer access to direct equities […]

Galvin vows help for DB schemes to plug deficits

The Pensions Regulator chief executive Bill Galvin says he will ease the funding requirements on defined-benefit pension schemes in April as tumbling gilt rates push up deficits. In an interview with Money Marketing, Galvin says TPR will release a statement in April detailing the measures to help schemes struggling to close soaring deficits. Over the […]

Unwrapping charges

Much has been written about the need for advisers to move to clientagreed remuneration and adviser-charging. The impact of this move to fees will create many challenges for advisers and clients as costs become even more explicitly shown. In delivering these changes, the advice model for wrappers will also need to be revisited. Using tax […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment