Liechtenstein Disclosure Facility is Tightened Without Warning

Second Joint Declaration, Government of Liechtenstein and HMRC.

"Barely one year after the Liechtenstein Disclosure Facility was introduced, HMRC is changing the goal posts. Take-up so far has been low, circa 2,000 people, so one wonders whether or not this new more expensive regime will encourage more people to come forward."

"My view is that this revised regime should alert individuals who have not considered regularising their UK tax positions to come forward as soon as possible, as they are likely to find their Liechtenstein assets much reduced come 2015 and they will also have a very definite threat of prosecution hanging over them should they choose to bury their heads in the sand," says Sue Holmes, head of Tax Investigations at Smith & Williamson, the accountancy and financial services group.