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!


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