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Updated UK and Liechtenstein Tax Deal 15/06/12

The United Kingdom and the Principality of Liechtenstein are to sign a double taxation agreement (DTA) which will remove obstacles to investment and other cross-border economic activity and will give businesses increased certainty about their tax treatment.

HM Revenue and Customs (HMRC) have also announced that more than 2,400 people have registered to disclose unpaid tax under the Liechtenstein Disclosure Facility (LDF) with £363 million already paid in tax bills.

The LDF is expected to bring in up to £3billion by 2016.

In addition, a further (the third) Joint Declaration on the Memorandum of Understanding (MOU) on cooperation in tax matters will also be signed.  It makes available a Single Charge Rate of 50 per cent that Liechtenstein investors might apply to calculate undisclosed UK tax liabilities for the tax year 2010/11.

The Exchequer Secretary, David Gauke, said:

“The Government is determined to clamp down on tax avoidance at home and abroad. The UK has the largest tax treaty network in the world but, until now, Liechtenstein was the only country in the European Economic Area we had no agreement with.”

Stuart Coleman, Manager of the Tax Department of ABDS says:
“These new treaties show how the Government is making it very difficult for those who try to evade their UK Tax Liabilities by the use of offshore means.”

If you have any questions or concerns about Tax Planning and compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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