This month marks a year since the introduction of the Liechtenstein Disclosure Facility (LDF), an agreement between the UK and the tiny principality of Liechtenstein offering a partial tax amnesty to UK residents with offshore assets and a connection to Liechtenstein.
The days of tax evasion by non-disclosure are rapidly coming to an end. Those living in the UK with potential tax exposures should take advantage of the opportunity to set their house in order, with limited penalties. To date no other so called ‘amnesty’ has offered such beneficial terms and in the past year the increasing focus on reducing tax evasion means the LDF is beginning to look even more attractive. Our current economic and political landscape has resulted in the UK government applying increasing pressure on HMRC to target offshore account holders aggressively with the aim of...
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