 Extension of Liechtenstein Disclosure Facility is a ‘sensible move’
7 February 2012: PKF Accountants & business advisers has welcomed the Treasury’s announcement that it is extending the deadline for the Liechtenstein Disclosure Facility (LDF). The LDF was established in 2009 to enable UK residents to ‘legitimise their tax affairs for the past and ensure they are tax-compliant for the future’.
John Cassidy, tax investigation and dispute resolution partner at PKF, says: “This is a sensible move by the Government that will be welcomed by advisers and their clients. The LDF initially got off to a very slow start because individuals were reluctant to commit themselves to any specific amnesty before the Treasury finalised the details of its tax treaty with Switzerland. It was only after the Swiss deal was announced last year, and individuals could make an informed decision about the best way forward, that the LDF gained traction. The deadline extension gives those affected an opportunity to catch up and use the LDF which, for the majority of individuals, is a better option than the Swiss agreement.
“The establishment of a double taxation agreement with Liechtenstein, which was announced at the same time as the LDF extension, was always envisaged - it was just a matter of time because Liechtenstein was only European Economic Area member with which the UK had not secured such a deal.”
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For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Channel Islands) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,000 staff in around 125 countries.
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