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Andy Cole, HMRC’s Director of Operations in Special Investigations has highlighted the success of the widely debated Liechtenstein Disclosure Facility (LDF) in a keynote address in Manchester.
Speaking at Exchange Chambers’ inaugural Fraud Seminar 2010 at Lancashire Cricket Club, Mr Cole said the facility is on target to recover over £1 billion for HMRC by the time it draws to a close on 31 March 2015. Nearly 1,000 individuals have so far come forward to declare their unpaid tax, with one party declaring hidden assets of approximately £100 million.
Speaking at the event, Mr Cole said:
“Liechtenstein has traditionally been one of the world’s most secretive tax havens. The LDF and recently agreed Tax Information Exchange Agreement is helping to address this.
“People are coming forward in significant numbers and in doing so, they are identifying themselves and making themselves tax compliant moving forward.”
He did however offer a word of warning:
“Anyone who comes forward and attempts to mislead HMRC may well face a criminal investigation,” Mr Cole said.