TaxPersonal TaxTaxman speaks out over amnesty confusion

Taxman speaks out over amnesty confusion

Dave Hartnett sets stall out between the two ongoing tax amnesties

The taxman has spoken out over “confused” individuals disclosing offshore
accounts through the Liechtenstein facility
(LDF)
rather than through the government’s own New Disclosure Opportunity
(NDO).

Dave Hartnett, permanent secretary for tax at HMRC, told Accountancy Age
today that there was evidence advisers were suggesting to clients they could use
the Liechtenstein facility rather than the NDO.

“People are being confused,” said Hartnett.

HMRC has already given notices to 308 financial institutions in the UK to
provide them with details of their customers’ offshore accounts, and customers
are expected to use the NDO to provide details of potential tax owed in these
accounts.

If HMRC
successfully obtains information on a customer’s offshore accounts
through these notices, that customer cannot disclose their accounts through the
more lenient Liechtenstein facility.

The LDF is intended for UK citizens to reveal tax owed from their offshore
accounts in Liechtenstein.

Hartnett confirmed that if data on a UK citizen from within the 308 banks
reveals their account was opened abroad, “only then can the Liechtenstein
facility be used for disclosure.”

Hartnett concluded: “We want to get the message out you cannot just use the
one that suits you best.”

Further reading:

OAPs race with death to amnesty
finish line

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