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The Liechtenstein disclosure facility is good for your clients

The new Liechtenstein disclosure facility has caused much concern among tax lawyers but it could seriously help your client, says Rod Smith

10 May 2013

Attitudes to the new Liechtenstein disclosure facility (LDF) appear to be largely clouded by concerns about its availability and the ramifications of entering into a procedure the end of result of which will be a negotiated contract to settle unpaid tax with HM Revenue & Customs (HMRC).

My experience is that by concentrating on the favourable terms offered and following prescriptively the disclosure items to ensure complete disclosure, it is possible to provide clients with a clean slate for their past and future tax affairs and, most importantly, peace of mind.

HMRC launched the LDF to help UK taxpayers make a disclosure, where appropriate. Under the facility, the government of Liechtenstein has committed to introducing a five-year taxpayer assistance and compliance programme, until March 2015, under which financial intermediaries in Liechtenstein will need to be satisfied that, where appropriate, clients are declaring Liechtenstein investments to HMRC.

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