In an interview with Accountancy Age, David Hartnett, the UK’s permanent secretary for tax, said nearly 1,200 people had signed up to the LDF so far, which he said could now make the government almost three times as much money as was initial expected.
Under the terms of the LDF, which was signed in 2009, offshore savers with money held in Lichtenstein pay the UK government a penalty of only 10% on undisclosed liabilities if they come forward about their assets.
Those who participate are also promised immunity from prosecution for tax offences, and have their tax liability limited to 10 years, as opposed to the normal 20.
Hartnett said he now expected the Government to make around £3bn from the tax amnesty, as opposed to the £1bn originally forecast, by the time the scheme ends in March 2015.
Hartnett was quoted as saying: “Some in the media are saying that the results from the LDF are smaller than they thought, but that’s just not right.
“Getting on for 1,200 people have now come forward through the LDF and there is more than four years to go. The people who have come forward are changing their ways and getting peace of mind, and are getting a good deal on penalties. We are getting money for the Exchequer.”
In August last year, International Adviser reported that only 419 people had signed up to the amnesty, of which 175 had swapped from the less generous New Disclosure Opportunity.