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Incomplete submissions are resulting in “unnecessary delays” in the Liechtenstein disclosure facility (LDF) system, HMRC have warned.
The department's LDF helpdesk has sent a letter to specialist advisers stating that tax officials will adopt a “more robust stance… when determining whether a disclosure certificate can be issued in an LDF case”.
Incomplete submissions are resulting in “unnecessary delays” in the Liechtenstein disclosure facility (LDF) system, HMRC have warned.
The department's LDF helpdesk has sent a letter to specialist advisers stating that tax officials will adopt a “more robust stance… when determining whether a disclosure certificate can be issued in an LDF case”.
When disclosures do not comply with the requirements, a certificate of disclosure will not be issued. The taxpayer’s adviser will be notified of the reason. If the omission is not corrected within a reasonable period, HMRC may interpret the delay as “non-cooperation, and consideration may be given to the withdrawal of the beneficial LDF terms”.
The information most commonly missing includes:
- narrative explanation covering the background to the previously undisclosed income;
- computations showing how the taxable figures in the disclosure have been calculated;
- complete certificate of full disclosure;
- statement of assets and liabilities for the final year covered by the disclosure;
- complete letter of offer; and
- full payment of the tax, interest and penalties due.
The Revenue letter to advisers also notes that the LDF helpdesk’s hours have changed to 8.30am to 4.30pm on weekdays, and emailed applications to register for the facility should be addressed to ldfteam.siliverpool@hmrc.gov.uk.
At January 2013, 3,910 registrations had been made for the LDF, with 2,630 disclosures.
