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Budget reaction: Tax investigations

Grant Summers, Tax Investigations Partner, Grant Thornton UK LLP said:

“The announcement of the withdrawal of the Liechtenstein and Crown Dependencies Disclosure Facilities from December 2015 is not a surprise given the recent media and parliamentary attention afforded to offshore tax evasion.  Taxpayers with offshore matters to disclose should seek professional advice and notify HMRC of their intention to disclose before December if they wish to take advantage of the favourable terms currently available. The Common Reporting Standard Facility may be a welcome replacement but it remains to be seen how the terms of the facility compare with those already available."