John Cassidy explains why the ground-breaking agreement between HMRC and Liechtenstein can be beneficial even for those with no current connection to Liechtenstein
Introduction
There have been various tax amnesties in recent years. They started with the Offshore Disclosure Facility in 2007. This was followed by a strikingly similar facility the New Disclosure Opportunity which finished earlier this year as did a programme specifically aimed at doctors consultants and dentists. Since then there has been talk of further specific facilities aimed at other professions.
The underlying principle of all the above facilities was that a voluntary disclosure of up to 20 years or so of undeclared tax would in most cases lead to no questions being asked by HMRC a relatively low penalty and the tax affairs of the person making the disclosure being brought fully up to date.
In addition...
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John Cassidy explains why the ground-breaking agreement between HMRC and Liechtenstein can be beneficial even for those with no current connection to Liechtenstein
Introduction
There have been various tax amnesties in recent years. They started with the Offshore Disclosure Facility in 2007. This was followed by a strikingly similar facility the New Disclosure Opportunity which finished earlier this year as did a programme specifically aimed at doctors consultants and dentists. Since then there has been talk of further specific facilities aimed at other professions.
The underlying principle of all the above facilities was that a voluntary disclosure of up to 20 years or so of undeclared tax would in most cases lead to no questions being asked by HMRC a relatively low penalty and the tax affairs of the person making the disclosure being brought fully up to date.
In addition...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
