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LDF agreement extended till end of March 2012

LDF agreement extended till end of March 2012

Contractor accountants may be interested to learn that HMRC has extended the Liechtenstein Agreement in a further attempt to crackdown on tax evasion. The deadline for both businesses and individuals to come clean under the Liechtenstein Disclose Facility is now the 31st March 2012.

The head of the negotiating team at HMRC, Andy Cole, said the ground-breaking agreement would ensure that British taxpayers declare domestic tax obligations on investments held in Liechtenstein.

He went on to explain that the Principality and the Revenue are committed to making sure that taxpayers with undeclared assets fulfil the requirements of HMRC as well as the Liechtenstein financial centres. Furthermore, the LDF ensures that UK taxpayers can disclose previously undeclared tax liabilities and be included in the British tax system.

In related news, HMRC has warned companies and individuals that they will be tracked down if the Revenue suspects they have been indulging in tax avoidance.

Recently, a family of five received jail sentences after an HMRC investigation uncovered a money laundering and tax fraud worth several million pounds.

HMRC’s assistant director of criminal investigation, Simon De Kayne, said the William family funded its luxury lifestyle at the expense of the British taxpayer.

The Revenue will continue to chase anyone suspected of being involved in this sort of criminal behaviour and they will find themselves in court. HMRC is now working to reclaim the monies fraudulently acquired by the family, he added.

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Image: Happy Birthday To Me by mendhak

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