As predicted those with (as yet) undeclared offshore holdings seem to be opting for HMRC's Liechtenstein Disclosure Facility (LDF), rather than HMRC's New Disclosure Opportunity (NDO).PwC have estimated that, with the deadline now gone for the NDO, approximately 13,000 individuals registered for the NDO.
Given the fact that the NDO has harsher penalties than the LDF this modest figure is not that surprising.
PwC estimate that the NDO will raise approximately £135M.
Tax does have to be taxing.
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