Senior representatives of the Liechtenstein government and HM Revenue and Customs met on April 1 to discuss how to take forward increased tax transparency between the UK and Liechtenstein.
Liechtenstein has asked for technical assistance from the UK to help determine the identity of UK residents with beneficial interests in Liechtenstein structures and bank accounts. Not surprisingly, the move has been welcomed by the UK government.
"The UK recognised and supported the efforts Liechtenstein is making to transform its financial services industry. Legal certainty for UK taxpayers, for Liechtenstein and the Liechtenstein financial centre will be part of the discussion," said an HMRC statement.
The UK and Liechtenstein have agreed to move forward quickly to reach a formal tax information agreement in the near future.
Stephen Timms UK Financial Secretary to the Treasury said: "The outcome of these discussions demonstrates that we are fast moving forward into a new era of transparency and openness in global tax administration, founded on exchange on tax information. This is good news both in terms of the interests of the majority of honest taxpayers who pay their fair share and also in protecting the revenues that fund our vital public services."
Dave Hartnett, Permanent Secretary for Tax at HMRC commented: "These were unprecedented discussions and we are looking forward to more detailed talks. We are grateful to the Liechtenstein government for their efforts to conclude an information agreement between Liechtenstein and the United Kingdom."
Hartnett added: "This is a further vital step in ensuring that dishonest taxpayers have no place to hide, while enabling honest taxpayers to legitimately engage with the Liechtenstein financial services industry."
The announcement follows the 'Liechtenstein Declaration' on March 12, when the Principality pledged to conform to OECD standards on transparency and seek out new tax agreements with other countries and jurisdictions.
A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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