In an online survey conducted by audit, tax and business advisory firm Crowe Clark Whitehall (CCW), 38% of accountants said they had “limited knowledge” of the LDF, with a further 13% admitting they had “no knowledge”. These poor results come despite 81% of accountants surveyed saying they know what the LDF is and are aware of the principles behind it.
The survey also found, while general awareness is high, detailed knowledge of the tax amnesty is lacking. This is highlighted by the fact that more than two in 10 accountants do not know what a client would need to do in order to qualify, while the same number again were not aware that the LDF is not just open to individuals with a bank account in Lichtenstein.
According to CCW, the low awareness around the LDF is largely due to a lack of promotion of the scheme which has been left “largely to the press” and other professional organisations. According to the survey, only 16% of accountants said they had read most about the LDF in literature produced by HMRC, while 33% and 9% had learned about it through the professional and national press respectively.
Concluding, CCW said it believed overall “the UK tax authorities have done well, but could do even better in some areas such as advertising and media coverage to maximise the yield to the Exchequer.”
