George Osborne announced on 18 March 2015 in his pre-election budget speech that the Liechtenstein Disclosure Facility (LDF) will be ending on 31 December 2015, almost four months before the original confirmed closing date of 5 April 2016.
In advance of the introduction of the Common Reporting Standard in 2017 the government will be introducing a new ‘last chance’ time limited disclosure facility from 2016 to mid-2017. The new facility will be on much less generous terms than those currently offered in the existing disclosure facilities.
The government has decided that it will be closing the LDF early on 31 December 2015. Therefore it is more important than ever before that individuals, executors, beneficiaries, companies, partnerships and trustees with any undeclared offshore income and gains should come forward and declare them under the current considerably more favourable terms offered under the LDF.
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