Liechtenstein Disclosure Facility (LDF): A Progress report on a worldwide facility
According to recent information provided by the Tax Faculty of the Institute of Chartered Accountants in England & Wales (ICAEW) the new disclosure opportunity has yielded about £82 million from approximately 5,500 disclosures. This works out at an average of £14,500.
Given the number of UK residents HM Revenue & Customs believe to have offshore assets, the numbers taking up the generous terms offered by the Liechtenstein Disclosure Facility seem small.
An explanation for this may lie in the fact that the LDF remains misunderstood.
Many people do not realise that from December 1, 2009, anyone with any investments or assets in any other offshore location is also able to participate in the LDF if they move some or all of those investments into Liechtenstein.
HMRC has said that it will not offer such favourable disclosure terms as the LDF again so there really is no better time than now to disclose any offshore assets.
The view here at Eaves & Co Leeds is that this is a worldwide facility worthy of consideration.
If you require any tax advice regarding a Liechtenstein Disclosure call our Leeds office on 0113 244 3502.