Gift horse or Trojan horse?

KEY POINTS

• The mechanics of the LDF.
• The facility offers significant savings.
• Professional obligations.
• Own up before HMRC contacts you.
• Changing attitude to tax evasion.

Only 51% of high net worth individuals with assets overseas had heard of the Liechtenstein disclosure facility (LDF) in the six months since it was launched on 1 September 2009 according to research conducted by BDO Stoy Hayward in March 2010.

Furthermore only 10% had participated in the facility during that time. More recently it was revealed that just 419 taxpayers had registered for the scheme as at 31 March 2010. Since then HMRC have confirmed that the number of registrations is ‘steadily increasing’ and that they are ‘very pleased’ with progress.

Bearing in mind that the LDF is probably the most innovative...