August 12, 2009Liechtenstein tax amnesty
HMRC has signed a deal with the government of Liechtenstein which will enable lost taxes to be recovered from UK residents with offshore investments there.
The Liechtenstein tax deal offers account holders the opportunity to settle any unpaid tax with only a 10% penalty and going back only as far as ten years. In contrast, the NDO set to begin in September this year is asking UK taxpayers with investments in other offshore jurisdictions to declare unpaid tax as far back as 20 years. In some cases they may also have to pay a 20% rather than a 10% penalty.
It is wholly unfair that there are different rules for those with investments in Liechtenstein and those with investments in other offshore jurisdictions. HMRC should align the terms of the NDO with this new amnesty.
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