29 October 2010
News of a deal between the UK and Swiss governments regarding the exchange of tax information has given rise to speculation that there will be a new tax amnesty, similar to the existing Liechtenstein Disclosure Facility (LDF).
According to our experts, however, any arrangement with Switzerland is unlikely to be as generous as the LDF. It is also unlikely that while negotiations are continuing HM Revenue & Customs will forget about the significant information concerning offshore accounts that has come into their possession in recent months.
This is particularly in view of Chancellor George Osborne’s generous allocation of almost a billion pounds to combat tax evasion. HMRC are now going to be under pressure to get results and those results may well be in the form of the prosecution and public shaming of some of those with undeclared funds offshore.
Our advice has been the same since the generous terms of the LDF were announced – wherever your funds are, come clean before you are found out, take advantage of those terms (including a promise of no criminal proceedings and a fixed penalty of 10%) and start to sleep a little easier at night.
Remember, the LDF is open now and it covers undisclosed income and gains with almost any offshore connection. Click here to find out more about the Liechtenstein Disclosure Facility, or you can speak to or e-mail one of our experts for a free and confidential discussion about how the LDF can help you.
Mark Giddens |
Derek Levy |
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t: 020 7216 4651 |
t: 020 7216 4658 |
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e: m.giddens@uhy-uk.com |
e: d.levy@uhy-uk.com |
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