HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Friday, 24 October 2014

LDF Set To Fall Short of Target

Unsurprisingly, despite the hype at the time that it was created, the Liechtenstein Disclosure Facility (LDF) is to fall well short of the £3BN yield promised by HMRC in 2012.

AccountancyAge reports that it has generated £833M, and has only 18 months left to run.

Irwin Mitchell is quoted: 
"I suspect that the eventual yield will fall woefully short of that target, and, based on figures to date, is likely to be in the region of £1.2bn. Further changes to the scheme are likely to make this figure worse rather than better."

HMRC disagree:
"Our experience from previous opportunities such as the Offshore Disclosure Facility and New Disclosure Opportunity is that the majority of disclosures come forward close the end date - 5 April 2016 in the case of the LDF."
Time will tell!

Tax does have to be taxing.

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  1. Hmm. ..seems like a cross between Tetcott projected profits and revenue protected? We shall see!

  2. Hah, Tesco, not Tetcott, sorry:(