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HOME / SERVICES & EXPERTISE / Liechtenstein Disclosure Facility

Liechtenstein Disclosure Facility

Until the end of 2015, the Liechtenstein Disclosure Facility (LDF) provided UK residents with undeclared tax liabilities a unique opportunity to settle and regularise their tax affairs with HMRC on favourable terms.

2016 UPDATE: The LDF and similar other voluntary disclosure schemes are now closed and has been replaced by the Worldwide Disclosure Facility (WDF) but will not offer favourable terms. Learn more about the Worldwide Disclosure Facility.

BENEFITS OF THE LIECHTENSTEIN DISCLOSURE FACILITY

  • The LDF is not limited to taxpayers with accounts or assets in Liechtenstein. Provided a Liechtenstein connection is established (we can help set this up), the LDF can be used as an umbrella for the disclosure of any tax liability connected with any offshore asset, including:-
    • Switzerland, Jersey, Antigua and Barbuda, Barbados, British Virgin Islands, Costa Rica, San Marino, Seychelles, Turks and Caicos Islands and Uruguay [More countries sign tax share agreement]
  • The maximum penalty is fixed at 10% of the outstanding tax plus interest
  • Tax, interest and penalty under the LDF may be much lower than the withholding tax arrangements under the UK-Switzerland agreement
  • HMRC will only look back to accounting periods or tax years commencing on or after 1 April 1999 and will not seek to recover unpaid tax from earlier periods
  • In cases of ‘innocent error’, liability to UK tax will be limited to include only the previous six tax years at the time of disclosure
  • HMRC will give assurances it will not pursue criminal prosecution
  • Beneficial for inherited assets that were not originally included in the deceased’s estate

YOUR SPECIALIST TAX TEAM

For further information, or to arrange a free introductory meeting,
please contact Paul Williams (ex-HMRC) or Ian leigh on 020 7309 2222.

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971 and registered at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales and for a range of investment business activities. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. A list of Partners’ names is available at the above address.