Tax Investigations Newsflash
HMRC reveal number of disclosures made
Recently disclosed figures have revealed that only 419 tax payers came forward in the six months to 31 March 2010 to make a disclosure of unpaid tax liabilities under the Liechtenstein Disclosure Facility ('LDF').
Whilst this figure would appear to be surprisingly low, HMRC has brushed aside concerns of a slow start to the disclosure facility and are quoted as being pleased by a "very encouraging start". It is also worth remembering that the disclosures received in this period were made voluntarily and, certainly, ahead of the requirement for Liechtenstein banks to notify their clients that they must comply with the new regulations.
Once the Memorandum of Understanding between the Liechtenstein Government and HMRC becomes enshrined in law within the principality, we expect to see a steady increase in the number of individuals looking to come forward and take advantage of the generous settlement terms offered by HMRC.
PwC are acting for a significant number of individuals making disclosures to HMRC under the LDF all at different stages of the process, including several where HMRC has agreed the disclosure and matters are now settled.
If you have clients who are considering the LDF, including those who may already be under enquiry, please call 0800 328 8215 or your regular PwC Tax Investigation contact for further information.
Our tax investigations e-newsflashes bring key developments to your attention as they happen. If you would like to discuss anything covered by this newsflash or any tax investigation issue please call our 24 hour helpline on 0800 328 8215 or email tax.investigations@uk.pwc.com. Visit our website: www.tax-investigations.com.
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