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ARTICLE · 06 NOVEMBER 2014

The Liechtenstein Disclosure Facility – Recent Changes

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HMRC has offered several opportunities over the past seven years to encourage errant tax payers to come forward in order to regularise their tax affairs.

United KingdomTax
James Edwards
James Edwards
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UK Disclosure Facilities - Background

HM Revenue & Customs (HMRC) has offered several opportunities over the past seven years to encourage errant tax payers to come forward in order to regularise their tax affairs on relatively benign terms. In 2007 HMRC offered the Offshore Disclosure Facility (ODF) which afforded taxpayers the opportunity to make a disclosure of all (the look back period was the statutory 20 years) outstanding tax liabilities (plus interest) with a guaranteed fixed penalty of 10% of the tax unpaid. The opportunity to take part in this facility was very limited, it was announced on 17 April 2007 and a taxpayer would only be able to partake in the ODF if he registered by 22 June of that year. This was heralded as a great success by HMRC which raised £400 million in tax from 45,000 disclosures.

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