The news that WikiLeaks has been provided with details of Swiss bank accounts by a former bank employee may be of concern to UK taxpayers who have foreign banking undisclosed to HMRC.
The fact that information can be leaked from banks coupled together with mutual agreements between governments, highlights the importance of voluntary disclosure before being “caught” by HMRC.
The Liechtenstein Disclosure Facility (LDF) currently represents an excellent way to make a voluntary disclosure. Individuals with assets in any other offshore location may be able to participate in the LDF by moving some assets into Liechtenstein.
The LDF can provide a significant reduction in the level of penalties and a reduced window of reporting requirement: usually unreported income from 20 years ago must be disclosed, however this is reduced to 10 years under the LDF.
Eaves and Co Specialist Tax Advisers have successfully completed robust disclosures under the LDF and are in the process of preparing a number of other disclosures. If you require advice in confidence regarding such matters call our Leeds office on 0113 244 3502, asking for Paul Davison.