Tax Evasion Disclosure Treaties
Published / Last Updated on 28/04/2010
More Tax Evasion Disclosure Treaties
by Ashley Clark, Director
The Chancellor of the Exchequer has pledged to continue the drive to prevent tax evasion and avoidance and will sign tax information agreements with Dominica, Grenada and Belize.
The tax agreements would be similar to the one it has with Liechtenstein known as the disclosure facility. The Liechtenstein disclosure facility (LDF) was set up following an agreement between the two countries in August 2009.
It allows people with unpaid taxes linked to investments or assets in Liechtenstein to settle their tax liability, including interest and penalties. The LDF runs until 31 March 2015 and is estimated to bring in £940m for HMRC..
HMRC is able to penalise deliberate and concealed tax evasion with charges of up to 200% of the tax due. These tougher penalties would target non-compliant investors who use less transparent jurisdictions to conceal gains, as it is more difficult for HMRC to check an offshore tax position where there is limited or no scope to exchange information.
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