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22 February 2011
PHIL BERWICK offers a pro forma letter that advisers can send to clients with regards to the Liechtenstein disclosure facility
KEY POINTS
- The Liechtenstein disclosure facility benefits.
- Reduced interest and penalties.
- Non-Liechtenstein accountholders may apply.
The Liechtenstein disclosure facility (LDF) as readers will be aware is a dedicated disclosure process primarily for UK taxpayers with accounts investments or structures e.g. trust enterprises (Treuhandschaften) foundations (Stiftungen) and establishments (Anstalt) in Liechtenstein with unassessed tax liabilities related to that account.
Here is a reminder of how the facility works. A pro forma letter can be downloaded to make clients aware of the LDF.
Why use it?
The facility has many benefits for qualifying taxpayers. These include:
- immunity from prosecution (unless there is wider criminality such as corruption commercial fraud and not disclosing assets in divorce proceedings);
- reduced disclosure period (back to April 1999 rather than the normal maximum of...
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