With just two weeks to go until the start of both the Liechtenstein amnesty and the New Disclosure Opportunity, PKF Accountants & business advisers is urging HM Revenue & Customs to provide clarification for offshore investors.

There has been very little guidance issued since the announcements of both the amnesties, but it is the lack of information regarding who is entitled to use which amnesty that requires the most clarification.

Simon Littlejohns, tax partner at PKF in Birmingham, said: "The announcement of the Liechtenstein amnesty threw open many questions about the disparity of its terms with that of the previously announced NDO. 

"But, it appears that there is no reason why those investors in offshore jurisdictions, other than Liechtenstein, cannot move their money into Liechtenstein and then make use of the more favourable terms on offer.

"Indeed, whilee the notes to editors at the bottom of HMRC's Liechtenstein announcement state that the investments have to be in Liechtenstein on August 1 2009 for the investors to qualify for the amnesty from September 1, they also state clearly that if the investments are moved into Liechtenstein after that date, the investor can still participate in the Liechtenstein amnesty from December 1.

"This clearly gives the green light for all offshore investors to use the more favourable Liechtenstein terms, if they move their money between now and December 1 2009. However, HMRC has not issued official guidance on this and there remain many unanswered questions which is, at best, unhelpful."

"I urge HMRC to both issue some clear guidance laying out exactly what investors can and cannot do and, as called for last week, align the terms of the NDO with the Liechtenstein amnesty as this is more likely to encourage investors to use the facility leading to a bigger tax take for HMRC."