Offshore Funds and HMRC Disclosure

Offshore Funds & HMRC Disclosure If you have offshore assets and want to come clean to HMRC then you may be able to make use of the Liechtenstein Disclosure Facility (LDF). The disclosure window lasts until 31.3.2015.

You don’t have to have an account in Liechtenstein now but you can make use of the facility provided you open an account before March 2015.

According to Taxation magazine “The LDF is a unique opportunity for those with untaxed assets overseas to regularise their tax affairs in relation to those assets, and all other liabilities arising in the UK, on unprecedented terms.

The combination of benefits sets it apart as the most generous disclosure facility ever offered. Its terms are unlikely to be repeated.” Note that the LDF is not limited to offshore matters but also to any undeclared UK liabilities. However, to qualify for the full benefits of the LDF you must have had an offshore asset as at 1 September 2009.

Cobhams can help you both with understanding the disclosure and making the disclosure on your behalf.

 

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