Deal Signed To End Liechtensteins Role As A Tax Haven
Posted by Neil Payne on August 11th, 2009The UK Government is expected to announce a deal today with Liechtenstein, the tiny Alpine principality, to effectively end secrecy for Britons who hold accounts in the tax haven.
HM Revenue & Customs (HMRC) has agreed with Liechtenstein to start exchanging information.
Up to 5,000 British investors have an estimated £3 billion stashed away in secret accounts in the country.
Liechtenstein will no longer be a British Tax Haven
Investors are expected to be offered the chance to volunteer details of their deposits in return for limited penalties and low risk of prosecution. The Liechtenstein authorities will be asked to close the accounts of those who do not take up the amnesty.
Prime Minister Gordon Brown has been keen to join international efforts to end secrecy in offshore tax havens and earlier this year HMRC signed similar deals with Guernsey, British Virgin Islands, the Isle of Man and Bermuda. The Alpine principality is outside Britain’s direct influence.
Read More>The Times Online
Entries (RSS)