TaxPersonal TaxFurther proof needed to use Liechtenstein tax amnesty

Further proof needed to use Liechtenstein tax amnesty

Individuals will need local certification before using Liechtenstein Disclosure Facility

INDIVIDUALS LOOKING to use the Liechtenstein tax amnesty will now need to provide further proof that they have a ‘meaningful connection’ to the country.

Potential users of the Liechtenstein Disclosure Facility will need a certificate from a local financial intermediary under changes to the initiative.

HM Revenue & Customs published its revised frequently asked questions document on 11 November. From 1 December, individuals will require “confirmation of relevance” before registering for the facility, which gives taxpayers the opportunity to regularise their tax affairs with lower penalties and an immunity for prosecution.

When the facility was launched in 2009, individuals needed to show a “meaningful connection” to Liechtenstein to enter the LDF. In February this year, HMRC clarified that this required a 5% investment of an individual’s assets in a Liechtenstein company.

HMRC has said that it will not withdraw or suspend LDF registration if the investment is later changed.

Related Articles

HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

5m Emma Smith, Managing Editor
HMRC collects record £5bn in inheritance tax

HMRC HMRC collects record £5bn in inheritance tax

6m Emma Smith, Managing Editor
The top three issues that the next government must address for accountants

Making Tax Digital The top three issues that the next government must address for accountants

6m Emma Smith, Managing Editor
HMRC cuts over 150 offices to reduce running costs

Corporate Tax HMRC cuts over 150 offices to reduce running costs

11m Stephanie Wix, Writer
Finance Bill 2017: Corporate tax reporting requirements 'a burden'

Business Regulation Finance Bill 2017: Corporate tax reporting requirements 'a burden'

1y Stephanie Wix, Writer
PAC raises “serious concerns” about HMRC’s digital plans

Corporate Tax PAC raises “serious concerns” about HMRC’s digital plans

1y Stephanie Wix, Writer