How is the CRO calculated?
(i) The election to calculate and pay under the CRO is irrevocable. A UK taxpayer electing for the CRO must: • Accept and agree that no tax relief, deduction or allowance will be made in calculating the CRO. However, any tax withheld under the European Union Savings Directive (Council Directive 2003/48/EC) or under the Agreement between the European Community and Liechtenstein providing for measures equivalent to those laid down in that Directive will be creditable and credited against any UK tax due on disclosure. • Accept and agree that no tax relief, deduction or allowance will be available to carry forward or utilise in any UK tax year post disclosure. • Accept and agree not to make any future claim in relation to such relief, deduction or allowance. (ii) Each UK taxpayer that discloses under the LDF may choose whether to elect for the CRO or to calculate the UK liability on the actual basis in respect of their interest. (iii) The CRO covers all UK taxes and duties included in the
