Tax Deal of the Decade

13-Jun-2011 HM Revenue and Customs is under increasing pressure to collect as much tax as possible, with optimum cost-effectiveness.  In September 2009, it launched the Liechtenstein Disclosure Facility (LDF) as a mechanism for UK tax payers with undisclosed offshore assets to turn black money into white. 

In return for a full disclosure, an eligible tax payer is rewarded with:

• A guarantee of no prosecution;
• A tax bill (plus interest) going back to 1999:
• A penalty of only 10 per cent of the tax.

The deal is open to people with no assets in Liechtenstein, as long as they transfer a meaningful asset into Liechtenstein before applying to join the LDF.

If HMRC opens an investigation into a taxpayer, it is too late to enter the LDF and that can mean a 20 year investigation and much higher penalties or even prosecution.

We have now assisted a significant number of taxpayers in navigating their way through the Liechtenstein Disclosure Facility. The significant advantage of discussing this Facility with a lawyer is that they are covered by legal professional privilege and thus all discussions about your tax affairs are in confidence and cannot be disclosed without your consent. Plus your undisclosed assets do not have to be in Liechtenstein for you to be able to take advantage of the facility.

 

 

To discuss any aspect of the Liechtenstein Disclosure Facility contact Robert Levy

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