David Jetuah, Accountancy Age, Monday 16 August 2010 at 10:57:00

Sources at HM Revenue and Customs say the number of taxpayers signing up tothe Liechtenstein Disclosure Facility has risen to more than 700


More than 700 individuals with previously undisclosed offshore accounts havesigned up to pay their tax bills through the Liechtenstein Disclosure Facility(LDF).

A senior figure at the taxman confirmed the latest numbers to AccountancyAge.

The taxman's last update on the LDF to March 2010 reported 419 had comeforward, which was seen by some in the profession as a disappointing start.

However, senior figures at HMRC rejected this suggestion, adding that thesteady increase in numbers is a clear sign that the amnesty is working.

Advisers expect another hike in activity when key legislation, requiringLiechtenstein banks to contact clients they believe may have undeclared UK taxliabilities, comes into force.

The LDF runs until 2015.

Further reading:

Only419 register for Liechtenstein amnesty: McGrigors

Video:Liechtenstein amnesty update