Tax evaders can face fines of up to 200% of the tax owned and the possibility of a criminal prosecution. Moreover, the Liechtenstein Disclosure Facility (LDF) and other voluntary disclosure schemes provide a beneficial opportunity to settle on favourable terms however it cannot be used once an individual has been notified by HMRC that they are ‘under investigation’.
We strongly recommend any UK residents with undeclared offshore assets, income or gains to settle and regularise their tax affairs as soon as possible.
Partner - Tax
Senior Tax Manager (ex-HMRC)