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Kuits' Executive Partner Addresses 'No Safe Havens' Tax Conference in Tel Aviv

09 Sep 2014

Kuits Solicitors’ Executive Partner Robert Levy is today addressing a tax conference in Tel Aviv, hosted by the Israeli Society of Trust and Estate Practitioners.

In the first conference of its kind in Israel, Levy will share the speaker’s podium with, among others, the Director General of the Israel Tax Authority and Andy Cole CBE, Director of Specialist Investigations at HMRC.

Andy Cole is one of the architects of the Liechtenstein Disclosure Facility (LDF), under which UK taxpayers are able to disclose previously undisclosed offshore assets and pay back-tax with limited penalties and a guarantee of no prosecution.
To date, over 5,800 UK taxpayers have registered for the LDF, with a tax yield exceeding £1bn.

Levy commented: “As we move to a ‘One World’ approach to tackling evasion, we are seeing intergovernmental co-operation on a level never seen before.

“Combining this with HMRC’s huge investment in technology, in particular in sophisticated data analytics, taxpayers (either resident in the UK, or with UK tax obligations) who are hiding assets and don’t take advantage of what is a very advantageous disclosure facility are now more likely to be caught.

“When they are, they will undoubtedly face tougher penalties and greater risk of prosecution.”

Kuits have advised over 300 people in relation to offshore disclosures, including a number who have been investigated by HMRC as a result of information received from offshore institutions, and are recommended as specialist advisers in the field by Swiss and other offshore banks.

You can download a copy of Robert Levy’s presentation here.

For more information or to speak to a specialist tax advisor, please contact us.

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