What if I close the offshore account that I opened through a UK branch or agency and move the investment to Liechtenstein, will I benefit from LDF terms?
You will still not qualify for the ten year limitation period, the fixed penalty, and the composite rate in respect of the tax due from the investment in the prior offshore account that you opened through a UK branch or agency. The words ‘in relation to that account’ cover any unpaid taxes on that prior account. In other words, if you move the funds later, the unpaid back taxes prior to the move would still be ‘in relation to that account’ and not in relation to the new account.
