As tax avoidance becomes increasingly contentious in the UK, and the LDF’s final deadline draws ever closer, more people with as-yet-undisclosed offshore assets will no doubt be increasingly eager to declare them while they still have the chance.
Peter Carnell, consultant at Sovereign Group, says the LDF originally arose from HMRC’s desire to bring a “significant” number of people holding funds with non-UK banks into its net.
“It is a unique opportunity for UK residents to resolve historic tax issues with the UK tax authority on beneficial terms, particularly in relation to inherited wealth,” he says. “The facility can be used to make a disclosure of assets held anywhere in the world.”
