Does LDF extension show weakness of HMRC‘s information gathering powers?
09 February 2012
Salman Shaheen - ITR
HM Revenue & Customs’ (HMRC) decision to extend the Liechtenstein Disclosure Facility (LDF) by a year is a sign that it has been successful. However rumours of a conversation between Dave Hartnett and tax justice campaigner Richard Murphy, denied by HMRC, suggest the UK tax authorities’ other strategies might not working.
The LDF, which was launched in 2009 to allow UK taxpayers with undeclared assets in accounts in Liechtenstein to come forward in exchange for reduced penalties, will now operate until April 5 2016. HMRC are clearly pleased by the uptake rate, which has passed the 2,000 mark, with a spokesman describing it a “rocking success”.
“As the number of disclosures already exceeds the total we originally expected for the whole period of the LDF, we have agreed with the Liechtenstein Government that it makes sense to extend the facility by one year to 5 April 2016,” said...
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