Given the amount of press coverage, you would have thought that Liechtenstein was the centre of the universe. A lengthy series of questions and answers have been issued by HMRC for advisors and for taxpayers on the Liechtenstein disclosure facility (this is almost unbelievable – I know it was quite a popular place to deposit money, but not all that popular, the column inches would indicate that most of the UK had their savings there).

Whilst the published questions and answers are sensible and helpful, they do not really say much which is new. The only new point I could find was dealing with the differential between the normal offshore disclosure facility limitation period of 20 years, and that which applies to Liechtenstein which is only 10 years. There had been some suggestion that if you had concealed funds elsewhere which would be subject to a 20 year limitation period, you might be able to benefit from the limited 10 year limitation period by moving those funds to Liechtenstein before making the disclosure. HMRC have explained clearly why this would not be effective.