Advisors want a general tax amnesty

MOST ADVISORS WOULD support a general tax amnesty, which they would communicate with many of their clients.

An online survey of 97 firms by Crowe Clark Whitehill found more than three-quarters favoured the introduction of a general disclosure facility. Some 79% of advisors would mention such an amnesty to at least 20 of their clients.

The three most important features that would need to underpin the amnesty would be guaranteed immunity from prosecution (33%), a low fixed rate penalty (31%) and a time to pay procedure for clients that required it (14%).

Of current amnesties, one in five said they did not understand the Liechtenstein Disclosure Facility. More than 40% have not mentioned the facility to any clients.

Sean Wakeman, partner in the tax investigations group at Crowe Clark Whitehill, said: “This survey indicates that accountants overwhelmingly believe the time is right to introduce a general domestic tax amnesty and are extremely willing to promote such an amnesty to all of their clients in stark contrast to how they have promoted the LDF. This survey also indicates that a Helpline Service should be set up to support the introduction of a GDF.”

Related reading