Liechtenstein Disclosure Facility could raise pounds 3bn from taxpayers.
The revenue body believes the agreement over the tax haven, which was originally predicted to raise pounds 1bn, will produce up to pounds 3bn from a much larger number of people coming forward than previously anticipated.
Some 5,000 Britons are believed to have hidden away money in secret accounts in Liechtenstein and the deal allows investors who are liable to pay UK tax to "legitimise" their past tax affairs.
People who own up to what they have done could face penalties amounting to just 10% of the tax they have evaded, although they will still have to pay back taxes and interest going back up to 10 years.
Tax dodgers who fail to volunteer their actions face much tougher fines amounting to 200% of their unpaid tax, as well as back taxes and interest, and in the most serious cases, prosecution.
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|Publication:||Western Mail (Cardiff, Wales)|
|Date:||Jun 13, 2012|
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