Liechtenstein Disclosure Facility nets £363m
More than 2,400 people have registered to disclose unpaid tax under the Liechtenstein Disclosure Facility (LDF), which has so far yielded £363m in paid tax bills.
This includes £296m generated from settled cases and £67m paid in cases not yet settled.
Based on the current numbers of disclosures, HMRC expects the LDF to bring in up to £3bn by 2016. An HMRC spokesperson told AccountingWEB that thousands more disclosures are expected to come in and that the return from the facility was expected to be “slow out of the starting blocks”, but that most of the money would come in towards the end of the scheme in 2016.
HMRC released the figures as the UK and Liechtenstein prepare to sign a double taxation agreement (DTA) today. According to HMRC the agreement is expected to remove obstacles to investment and other cross-border economic activity and "will give businesses increased certainty about their tax treatment".