The government could receive a £9bn boost to its tax receipts over the next four years, thanks to better-than-expected returns from a clampdown on offshore tax evasion.
Dave Hartnett, permanent secretary for tax (pictured), says a tax disclosure scheme with Liechtenstein - which allows UK taxpayers with undeclared assets in bank accounts in the tiny European principality to pay a reduced penalty in return for coming clean on their finances - has been more popular than originally expected. Hartnett said that the Liechtenstein Disclosure Facility [LDF], which was introduced in 2009, could raise up to £3bn by 2015 - a leap above the original estimate of £1bn. Britons with cash hidden in other offshore finance centres have transferred their money to Liec...
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