HMRC secures Liechtenstein tax amnesty
HMRC has signed a deal with the government of Liechtenstein which will enable lost taxes to be recovered from UK residents with offshore investments there, but not everyone agrees that it’s a fair deal.
A new Tax Information Exchange Agreement (TIEA) will allow the UK and Liechtenstein to exchange information and pursue taxes accordingly.
British investors will be offered the chance to volunteer details of their deposits, in return for penalties capped at 10% of the tax evaded over the last ten years.
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I don't get this amnesty lark
I'm sure that the first amnesty for ALL foreign income was going to be a one-time offer. And if they catch you at it after that they'll get you, and get you good.
If I recall there was one in the summer of 2007, one last year, and now anther one!
If the information HMRC receive is so good why don't they just open investigation and get their money and a pile of penalties?
Personally, I'm going to wait for the next one. If they only want to go back 10 years I might as well wait until the 2013 amnesty and save myself another pile of tax.