Bloomberg News

U.K. Says 2,400 People Sign Up for Liechtenstein Tax Agreement

June 11, 2012

About 2,400 people with bank accounts in Liechtenstein have agreed to disclose unpaid tax owed to the U.K., the revenue and customs office said.

Mostly wealthy individuals with accounts in the Alpine nation have so far paid 363 million pounds ($564 million) following the introduction of a disclosure facility that aims to raise as much as 3 billion pounds by 2016, the revenue office said. Both nations will sign a double taxation agreement today.

“Until now, Liechtenstein was the only country in the European Economic Area we had no agreement with,” Treasury minister David Gauke said in an e-mailed statement in London. “This new treaty and the existing disclosure facility show that the net is closing on those who try to evade their U.K. tax liabilities by using offshore structures. There are fewer and fewer places to hide.”

The clampdown comes amid a request for information from the U.S., which is targeting lawyers, accountants, financial advisers, asset managers and those responsible for professional asset protection.

Under pressure from the U.S., Germany and France, Liechtenstein said in March 2009 that it would conform with tax standards set out by the Organisation for Economic Cooperation and Development to avoid being blacklisted as a tax haven.

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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