HMRC has updated its yield statistics for the Liechtenstein Disclosure Facility (LDF). It seems that the number of disclosures has risen slightly as the facility winds down and the average disclosure level follows a very, very smooth straight line upwards.
Yield: Oct 2015 to March 2016
| Oct | Nov | Dec | Jan | Feb | March | |
| Yield Generated from settlements | £1,178 million | £1,190 million | £1,213 million | £1,231 million | £1,248 million | £1,257 million |
| Payments made in cases not yet settled | £129 million | £129 million | £128 million | £153 million | £151 million | £161 million |
| Number of settlements under £100,000 | 4,035 | 4,084 | 4,110 | 4,139 | 4,186 | 4,218 |
| Number of Settlements between £100,000 and £1 million | 1,663 | 1,683 | 1,716 | 1,739 | 1,767 | 1,788 |
| Number of settlements between £1 million and £5 million | 157 | 157 | 159 | 164 | 164 | 166 |
| Number of settlements over £5 million | 17 | 17 | 18 | 18 | 18 | 18 |
| Average settlement figure to date under the LDF | £176,000 | £176,000 | £178,000 | £179,000 | £179,000 | £179,000 |
Source: HMRC LDF Yield Statistics
The LDF closed in December 2015 and HMRC is still collecting cash.
Work on offshore evasion
Finance Bill 2016
Proposals include:
- A new criminal offence for tax evasion
- Civil penalties for enablers of offshore tax evasion
- Publishing details of enablers of offshore tax evasion
- Publishing details of deliberate tax defaulters
- Increased penalties in connection with offshore matters and transfers
- Asset based penalties for offshore inaccuracies and failures
HMRC has recently published a consultation: 'Tackling tax evasion: legislation and guidance for a corporate offence of failure to prevent the criminal facilitation of tax evasion'. A proposed new offence designed to tackle tax offshore tax evasion will have three stages:
- Criminal tax evasion by a taxpayer under the existing criminal law.
- Criminal facilitation of this offence by a person acting on behalf of the corporation, whether by taking steps with a view to, being knowingly concerned in, aiding, abetting, counselling or procuring the tax evasion by the taxpayer.
- The corporation’s failure to take reasonable steps to prevent those who acted on its behalf from committing the criminal act in stage 2.
From April 2017 under Client Notification measures introduced by FA (No.2) 2015 accountants and advisers will have to notify their past and present clients about the new Common Reporting Standard. HMRC has yet to publish details as to what form the notifications will take or what information will be conveyed to clients.
