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The proposals for introducing the automatic exchange of information between UK sovereign tax havens and HMRC
KEY POINTS
- British Crown Dependencies and Overseas Territories will exchange information with HMRC from 2016.
- Details will include names addresses income and gains etc of those holding accounts and investments.
- There will be a special regime for remittance-basis taxpayers but they will not completely escape.
- A compliance follow-up can be expected similar to that proposed for the UK/Swiss agreement.
- It may be better to come forward under the LDF now and clients who could benefit need to be identified.
Tax investigation practitioners have undertaken a vast amount of work for clients with Swiss or Liechtenstein investments in the past few years. The Liechtenstein disclosure facility (LDF) alone attracted 4 961 registrations by the end of June 2013.
The vast majority of LDF and...
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