Liechtenstein Disclosure Facility

Using the Liechtenstein Disclosure Facility effectively

The Liechtenstein Disclosure Facility (LDF) has fewer restrictions than first thought. We can help your clients use the LDF to disclose tax irregularities if they held either a non UK bank account or other offshore assets at 1 September 2009 and are not under investigation for suspected fraud.

The LDF offers the most generous terms yet announced by HMRC for making a tax disclosure. The key points are:

  • An agreement signed between the UK and Liechtenstein Governments requires 'financial intermediaries' in Liechtenstein to be satisfied that their UK customers have been declaring their Liechtenstein investments to HMRC.
  • tax is only assessed from April 1999 onwards
  • there is a guarantee of no prosecution for tax offences
  • the penalty is fixed at 10%
  • a composite rate option exists, which can give favourable results
  • there is no ‘name and shaming’
  • there is an efficient disclosure process with no obligation to meet HMRC.

The LDF was created with the signing of an agreement of understanding between the UK and Liechtenstein in August 2009. It formally started on 1 September and will run until 2015.

Let’s talk

Experience
We’ve helped a large number of clients with a range of issues and close matters with HMRC successfully and quickly. Our team of former senior HMRC inspectors have years of experience dealing with disclosures and negotiations.

Value for money
We’ll offer competitive and flexible fee arrangements, including capped fee quotes.

Technical excellence
Our global network of specialists can deal with all aspects of a disclosure, whatever the tax, whatever the jurisdiction. Our compliance centre - which handles thousands of cases each year - will help prepare LDF calculations and future tax returns. And our wealth management specialists can provide input where required.

Working with HMRC and Liechtenstein financial intermediaries
We work closely with a dedicated senior LDF project officer so we can resolve your clients’ issues quickly and make sure the disclosures we submit are accepted without significant additional work.

We have a growing network of Liechtenstein banks and trust companies that we’ve worked with to help clients through LDF successfully.

Accessible
Our free 24 hour helpline (0800 328 8215) and our offer of a free, confidential initial meeting to explore matters are available to anyone. Our specialist will guide your clients through the process from start to finish.