HMRC believe that several thousand UK residents are holding several billion pounds in Lichtenstein bank accounts.  Now, following a ground breaking agreement between the respective governments of the United Kingdom and Lichtenstein anyone with a potential tax issue to resolve may come forward to regularise their tax position under favourable terms.

Although similar in nature to the New Disclosure Opportunity any investors making full and appropriate disclosures can be confident of avoiding criminal prosecution and facing a moderate penalty of only 10%.  However those benefits may not be enjoyed by anyone making incomplete or misleading disclosures or anyone failing to come forward before HMRC begin their own investigations.

UK investors have 5 years from 1 September 2010 to make appropriate disclosures and anyone who fails to do so by 31 March 2015 will have their accounts closed.  The UK authorities will not receive details of accounts held but under a new Tax Information Exchange Agreement between the two territories information will be exchanged to ensure an investors tax position is correct or has been corrected.

The disclosure process must be managed correctly; our thorough understanding of HMRC’s processes and our wide experience in making voluntary disclosures of this nature will mean that your disclosure will be as accurate as possible and your position preserved, even if your disclosure is chosen for checking by HMRC.  We can provide the service and expertise you will need. 

Your affairs may be complex, there may be international tax issues involved or there could be UK income that needs to be declared.  We can assess the position and objectively advise you as to the best course of action whether it be through the LDF, the NDO or the more regular routes of voluntary disclosure.