HMRC announced in August 2009 that persons (individuals, partnerships, companies and trusts) with a financial interest overseas as at 1 September 2009 could bring their tax affairs up to date.
The main benefits are the tax liability is limited to UK tax years commencing on or after 6 April 1999 for individuals and partnerships and on or after 1 April 1999 for companies. The penalty is fixed at 10% of the tax due and interest is charged on the tax paid late. Immunity from prosecution is another benefit.
Not everyone is eligible to use the LDF so it is essential anyone considering taking part seeks specialist advice. Please call John Hood on 020 7182 4747 for a free and confidential chat.