The Liechtenstein and Channel Isles offshore facilities close on 31 December 2015.

It is expected that this will be replaced by a tougher "last chance facility" ahead of the automatic exchange of tax information with over 90 countries, including tax havens, from 2016 and new penalties for offshore evasion.

The Liechtenstein Disclosure Facility (LDF) may be used by most people with undisclosed offshore assets.

  • Whilst the most favourable terms being given to those who have always had Liechtenstein assets, a potential taxpayer may still acquire a relevant asset and disclosure undeclared income and gains using the LDF.

The Crown Dependancies Disclosure Facilities depend on a taxpayer having an asset in the Isle of Man or Channel Islands.

  • As with the LDF the facility offers a low penalty rate and potentially no criminal prosecution.

It was announced in the Summer Budget 2015 that existing legislation is to be amended to require intermediaries, including tax advisers and financial advisers, to notify their clients that:

  • The UK will begin to receive information on offshore accounts in 2017 and at the same time will begin to share information with other tax authorities on accounts held in the UK. This will allow HMRC and other tax authorities to check that the right amount of tax is being paid on money held abroad.
  • New criminal sanctions apply from 6 April 2015 for those who have failed to declare their offshore assets.

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