Liechtenstein facility extended to 2016

The deadline for taxpayers wanting to take advantage of the Liechtenstein Disclosure Facility (LDF) has been extended until 2016, confirming that the facility is the best vehicle available for most individuals who want to come clean about their dodgy offshore assets.

The recently announced changes, following previous tweaks AccountingWEB covered in January, are a sensible move given that, for a few months, individuals have been reluctant to commit themselves before the details of the tax agreement with Switzerland were known, according to PKF investigations partner John Cassidy. 

“It was only afterwards that individuals could make an informed decision about the best way forward and that the LDF gained traction,” he  said.  “The Liechtenstein banks had also delayed contacting their UK customers for the same reason.”

Advisers on AccountingWEB had previously cold-shouldered the tax deal signed between the UK and Swiss governments after it was looking more and more like a “publicity stunt” and providing few practical advantages for taxpayers with Swiss accounts.

Last week HMRC confirmed the full-year extension of the LDF to 5 April 2016.

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