Formula 1 chief executive Bernie Ecclestone has avoided a tax bill of more than £1bn as a result of the HM Revenue & Customs allowing him to settle for just £10m, it has been alleged in a BBC Panorama documentary programme to be broadcast tonight.
The revenue the UK Government will see in its coffers as a result of the Liechtenstein Disclosure Facility amnesty scheme "is likely to fall significantly short of its £3bn target", a UK law firm has predicted.
A little-noticed aspect of the UK's "FATCA" agreements with its three Crown Dependencies is that they are to be accompanied by "tax amnesty" schemes designed to encourage take-up. Here,Crowe Clark Whitehill's John Cassidy looks at how the first of these stacks up next to the LDF.
HM Revenue & Customs has shuffled its team of agents who handle Liechtenstein Disclosure Facility disclosures, to the frustration of some specialist tax experts who say they are now having to start from scratch in developing a working relationship with their counterparts at the Revenue.
UK taxpayers hoping to take advantage of the Liechtenstein Disclosure Facility tax amnesty scheme will have to deposit at least a fifth of their assets in a Liechtenstein institution, or CHF3m ($3.13m, 2.5m, £1.98m), from 1 Sept onwards, International Adviser has learned.
Cross-border tax specialist Frank Strachan and his two-member team have joined the Edwin Coe law firm, located in Londons Lincolns Inn district, from LSG Solicitors.
More than 2,400 people have come forward to disclose undeclared foreign assets through the Liechtenstein Disclosure Facility, according to HM Revenue & Customs, which says it may now bring in as much as three times the £1bn in revenue it was projected to.
The UK has extended its Liechtenstein Disclosure Facility tax scheme, whereby taxpayers with undeclared offshore assets in Liechtenstein institutions may reveal them to the Revenue in return for reduced penalties, by just over a year.
HM Revenue & Customs has fine-tuned its Liechtenstein tax amnesty disclosure scheme to make it easier to use, as the deadline for initiating a claim approaches.
The prime driver behind the investment goals of ultra high net worth individuals is, by far, the securing of financial security for their families, a survey of UK-based international advisers with such clients reveals.
HM Revenue & Customs has added a requirement that individuals looking to use the Liechtenstein Disclosure Facility provide greater proof that they have a meaningful connection to a Liechtenstein than was previously necessary.
The Treasury has begun talks with the Swiss authorities over an LDF-style tax disclosure deal
