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ANDREW WATT highlights the differences between the Liechtenstein disclosure facility and the new disclosure opportunity
KEY POINTS
- The Liechtenstein disclosure facility runs until 31 March 2015.
- Offshore accounts can be transferred to Liechtenstein.
- The terms under the LDO are more favourable than those under the NDO.
- Criminal prosecution may exceptionally take place with the NDO.
The landmark disclosure deal between the UK and Liechtenstein which is certain to have repercussions in other so-called tax havens has been greeted with astonishment and some consternation by tax investigation professionals.
The stated aim of the arrangement is to ensure that by 31 March 2010 there will be no undisclosed funds in the names of UK taxpayers in Liechtenstein. The means of procuring this are set out in a lengthy legal document signed by both parties which has been posted on the HMRC website.
The agreement
The agreement namely the Liechtenstein disclosure...
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