The Liechtenstein Disclosure Facility (LDF)
will be extended until 5 April 2016 as the number of disclosures
has exceeded the UK’s government expectations.

The tax disclosure programme was introduced in
2009 to help UK citizens to legitimise their past tax affairs and
ensure that they are tax-compliant for the future, HM Revenue &
Customs (HMRC) said.

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There have been more than 2,000 disclosures so
far, 700 of which were recorded in the last seven months.

 

Average disclosure
£200,000-£300,000

In July last year, an HMRC spokesman told
PBI there were 1,300 account holders registered with the
LDF with the average settlement of £200,000 to £300,000 ($318,015
to $477,000).

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UK taxpayers who take part in the LDF can
decide whether to pay a single one-off rate of 40% or to calculate
actual liability on an annual basis.

A 10% fixed penalty applies on the underpaid liabilities but the
assessment period is limited to 1 April 1999.