Clock is ticking on the LDF

Time is running out for individuals wishing to register under the Liechtenstein disclosure facility (LDF). The closing date is 31 December 2015.

Introduced by HMRC in September 2009 to encourage taxpayers to declare any unpaid taxes connected with overseas bank accounts or structures more than 5 900 disclosures have been made raising over £1.15bn.

Although a final disclosure opportunity is planned for 2016 and 2017 its terms are not yet known but are likely to be much less generous than the LDF according to RSM.

Mike Down RSM’s UK head of tax investigations said: “The LDF has been a popular initiative which has allowed HMRC to collect large sums of money without having to divert important resources away from carrying out tax investigations.

He added: “After 31 December HMRC are likely to face higher settlements and potentially no immunity from criminal investigation or prosecution. HMRC...