An even better tax amnesty…
HMRC has made a deal to exchange information on UK taxpayers with Liechtenstein bank accounts.
British investors with accounts in Liechtenstein will have these accounts closed and HMRC will be advised if they seek to open new accounts, unless they choose to disclose now.
However, HMRC is offering generous terms to these investors, more so than for the general amnesty. Specifically, tax has to be paid on only the last ten years (normally 20) and penalties will be capped at 10%.
This is good news if you had an account in Liechtenstein, but presumably irritating if your account was in Jersey instead!
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Date: 7th September, 2009
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