Tax disclosure opportunities
HMRC of the UK have announced two disclosure opportunities which may be loosely termed as the UK’s tax “amnesties” although tax, interest and reduced penalties must be paid. These disclosure opportunities are described below.
- Offshore bank accounts: New Disclosure Opportunity
HM Revenue & Customs (HMRC) of the UK have announced that the New Disclosure Opportunity(NDO) linked to tax irregularities connected to offshore bank accounts will run from 1 September 2009 to 12 March 2010. Under the NDO taxpayers having unpaid taxes or assets connected to offshore accounts must notify HMRC and disclose the full details [...]
- Liechtenstein Disclosure Facility (LDF)
The LDF is a facility provided by HMRC to support the reviews to be carried out by banks, wealth management firms and financial intermediaries in Liechtenstein to identify those who may have liability to UK tax. The LDF allows UK residents with unpaid tax linked to investments or assets in Liechtenstein to settle their tax [...]