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."
"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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