Liechtenstein Disclosure Facility Qualifications
Liechtenstein Disclosure Facility Qualifications
Who qualifies for the Liechtenstein Disclosure Facility legal UK tax 'loophole'?
In a recent interview, a former top level Inland Revenue tax investigation specialist revealed information about a limited time, legal, offshore 'loophole' that allows those who meet the basic qualifications to avoid their worst nightmare: a U.K. tax investigation for tax evasion.
In this interview, Evans reveals some of the insider secrets he learned while working for HMRC at the highest level.
In his latest video, he discusses the details of who qualifies to take advantage of the Liechtenstein Disclosure Facility, or LDF.
According to Evans, it's easier to begin with who DOESN'T qualify because the list of disqualifications is very limited:
1. Holders of offshore bank accounts funded by illegal activities such as terrorism or drugs
2. Those who are already being investigated by the Inland Revenue under Code of Practice 9
3. Those who are already being prosecuted by the Inland Revenue
Anyone who has any of the above circumstances is not able to participate in the Liechtenstein Disclosure Facility.
This does not mean that if you are under review by the Inland Revenue that you don't qualify. It's only if you are being investigated under Code of Practice 9 that you will not qualify. A review, even if it's been going on for quite some time, doesn't preclude you from taking advantage of this 'loophole'.
Anyone (other than those precluded as previously discussed) who has an offshore asset will qualify.
An offshore asset can be ANY asset held outside of the U.K. It could be a bank account. It could be a property. Or it could be an interest in a trust.
If you're in this situation and have reason to even suspect that the Inland Revenue might investigate you or review your taxes, you'd be wise to take advantage of the Liechtenstein Disclosure Facility.
However, you will need to take action quickly as the Inland Revenue is closing the net on this 'legal loophole'.
If you think that you have managed to stay under the radar and that the Inland Revenue doesn't have a clue about your offshore affairs, then you should know that right now, they are working hard to remedy this.
At the time of writing this article, the Inland Revenue is accumulating reams of information from more than 300 U.K. banks about their offshore transactions and those of their customers.
This information includes details directly from the bank's ledgers about money that has been transferred overseas and how that relates to the U.K. customer.
Bear in mind, this could even be transfers by someone else to your offshore account as well as any transfers you may have made yourself. Sometimes, even the most careful offshore banking strategy can be scuttled by something as obscure as a client payment directly to a seemingly unrelated offshore source.
At the moment, the U.K. Revenue may be sitting there without definitive information about you. But, given the resources and expertise they are bringing to bear on exposing undeclared offshore assets such as offshore bank accounts and offshore properties, trusts and companies, it will likely not be long before they unearth something that gives rise to suspicion about you.
All it takes is a superficial review of your tax remittances to reveal whether you've declared any offshore holdings. If none are found that correspond with the suspected offshore link they've uncovered, then you will definitely be investigated.
If you are investigated before you've disclosed these offshore assets, HMRC will bring the full force of their considerable weight to bear on you with a 'full and complete investigation into your tax affairs".
If this happens, then you are summarily disqualified from making a disclosure using the LDF and are back to facing investigation under Code of Practice 9 at best and criminal prosecution at worst.
WHAT IS CODE OF PRACTICE 9?
Code of practice 9 is:
- an investigation of the past 20 years of your tax affairs
- a 3 to 4 hour interview with the HMRC tax investigators
- a detailed report going back 20 years and enumerating every single financial transaction you've had over that period of time
- a review of all your business records
- a 40% to 50% penalty
- and, in line with new legislation, there is the possibility that the results of your tax disclosure / tax investigation will be printed in the local papers for your neighbors, your friends and your family to see - not to mention that criminals also read these reports and use them to target the subjects as they now know the exact extent of your worth.
THE BOTTOM LINE IS THIS:
If you have even one single undeclared offshore asset, you are running extreme risks. At best a 40% to 50% penalty for any taxes owed over the past 20 years - and you can imagine what interest will mean even on very small amounts. At worst you could face criminal prosecution and asset confiscation.
Why take the risk? If you're inclined to gamble, you probably weigh the odds before making your wager. In the case of undeclared offshore assets, the odds are NOT in your favor. In fact, one could say that the deck is stacked against you and the 'house' rules.
If you're not a gambler and are simply trying to protect your assets and your financial future, then the only logical conclusion is that attack is the best form of defense.
By taking advantage of the Liechtenstein Disclosure Facility, you pre-empt Inland Revenue's actions, take the wind out of their sails and erect a barrier between you and the worst case scenario.
Yes, it will mean paying some taxes. But at least you will protect your capital. And, you will still be able to take advantage of many of advantages of offshore strategies. Only now, you will be 'legal' and you'll be able to sleep better at night.
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