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Old 08.01.2019, 09:28
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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...which wouldn't help them very much as Liechtenstein is also part of the disclosure round.
https://www.gov.uk/government/public...-liechtenstein
The Liechtenstein Disclosure Facility (LDF) is an agreement between the governments of Liechtenstein and the United Kingdom which enables UK citizens to declare previously undisclosed assets to Her Majesty's Revenue and Customs (HMRC). The LDF, which came into force on 1 September 2009, is designed to be a proactive initiative which encourages individuals to voluntarily regularize their affairs. The scheme offers more favourable terms than other tax investigations, with participants normally receiving a fine of 10 per cent of tax due instead of 100 per cent, with tax interest and penalties only sought for the previous 10 years rather than the previous 20 years.

The LDF is available to UK taxpayers with ‘relevant property’ or ‘an interest in relevant property’ held in Liechtenstein subject to the following restrictions:

If a person is already under investigation by HMRC they cannot participate.
If there has been a previous investigation by HMRC and a person did not knowingly disclose their interest, they will be able to participate however will not be able to benefit from the limited penalty provisions.
Any person who was contacted by HMRC under the terms of the Offshore Disclosure Facility or the New Disclosure Opportunity will be able to participate but will not benefit from the limited penalty provisions. Any penalty will however be restricted to penalties under the New Disclosure Facility.
Any person who has a bank account or financial portfolio account which was opened through a UK branch or agency will be able to participate but will not, in relation to that account, be eligible for the shorter limitation period, the fixed penalty or the composite rate option.

Last edited by fatmanfilms; 08.01.2019 at 09:40.
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