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| UK Offshore Tax Amnesty Flops |
by Amanda Banks, Tax-News.com, London
Monday, August 02, 2010
According to figures released by the UK tax authority, HM Revenue and Customs, as of March 31, 2010, just 419 taxpayers had registered
for the Liechtenstein Disclosure Facility.
Commenting on the findings, Phil Berwick, Director of Tax Investigations at
UK-based law firm McGrigors, said: “It is surprising how few taxpayers
have [so far] registered for the LDF. Many more probably would have done so,
but many are unaware that they qualify, or even that the LDF exists. There has
been a poor response to recent HMRC disclosure initiatives, and this is no exception.”
HMRC launched two tax disclosure facilities for UK taxpayers with undeclared
income and capital gains in offshore bank accounts last year, the New Disclosure
Opportunity (NDO) and the LDF.
While the NDO has now closed, the LDF remains open until March 31, 2015, and
offers more favourable disclosure terms. Under the LDF taxpayers will be required
to pay tax, interest and, in most cases, a fixed 10% penalty but only need to
come clean just for the period from April 1999. In addition, the LDF offers
immunity from prosecution, but for tax fraud only.
Taxpayers with undeclared income or gains in an offshore bank account, or
offshore investment vehicle, qualify for the LDF providing that offshore account,
etc was not opened through a UK branch or agency. To participate in the LDF,
the taxpayer needs to open a bank account in Liechtenstein.
Commenting on the failings of the initiative thus far, Berwick added: “HMRC
are to be congratulated on releasing these figures, but they have not done enough
to publicise the LDF. To release the information only twice a year, as they
intend to do, will not encourage those who may be wavering to come forward.”
“The lack of advertising or promotion of the LDF by HMRC has left the
responsibility to do so with professional advisers. HMRC’s stance has
created an atmosphere of rumour and misunderstanding about the LDF, and meant
that some advisers are reluctant to involve their clients in that process.”
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