Liechtenstein Disclosure Facility (LDF)
The LDF provides a unique opportunity for UK taxpayers with undeclared offshore assets to regularise their position with HMRC. If you have undisclosed assets outside Lichtenstein, you can still take advantage of the LDF by the simple expedient of opening a bank account there before the LDF expires.
What is the LDF?
The LDF has been introduced to help UK taxpayers with undeclared investments in Liechtenstein to come forward and get their past and future tax affairs on the right footing. By coming forward under LDF, you will be able to take advantage of a number of special terms:
- a 10 per cent fixed penalty on the underpaid liabilities (full interest will have to be paid)
- no penalty where an innocent error has been made
- assessment period limited to accounting periods/tax years commencing on or after 1st April 1999
- the option to choose whether to use a single composite rate of 40 per cent or to calculate actual liability on an annual basis
- assurance about criminal prosecution
- single point of contact for disclosures
Assistance for the LDF
Taylorcocks’ specialist tax advisers are able to provide full support for disclosures under the LDF. If you have undisclosed offshore assets anywhere, this is likely to offer the best opportunity to reach a settlement with HMRC. To ensure that you reach an optimum settlement, expert advice is essential.