Tax evaders given 'once in a lifetime' chance to disclose assets

The LDF enables those with assets held in any offshore jurisdiction to regularise historic liabilities with minimal penalties, a guarantee of no prosecution, and exemption from future ‘naming and shaming' by the Revenue. A fixed penalty of 10% applies to undeclared tax liabilities dating back ten years, as opposed to the normal twenty, and the option to pay a composite 40% tax rate, which may be less than the actual taxes due. Considering the fact HMRC has recently stepped up its pursuit of tax evaders and the relatively generous terms of the LDF, HMRC hopes it will raise in excess of...