The UK tax authority said that, since the signature of the Liechtenstein Disclosure Facility (LDF) in August 2009, 2,400 people have come forward to disclose the assets held in the European Principality, going well beyond HMRC’s initial expectations.

"HMRC originally estimated the number of people who would register for the disclosure facility at 2,000, and that it would probably produce £1 billion," said Dave Hartnett, permanent secretary for tax at HMRC.

So far under the LDF, which duration was extended in February to April 2016, a total of £363m have been paid in tax bills.

The scheme allows people hiding money in Liechtenstein to pay just 10% of the tax owed without being prosecuted for tax evasion.

The due amount is calculated on the tax evaded since 1999 and interest is to be paid.

5000 British taxpayers are understood to be holding money in Liechtenstein.

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The figures were released as the UK signed a double taxation agreement (DTA) with the Liechtenstein.

Exchequer Secretary, David Gauke, said: "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.

"This new treaty, and the existing disclosure facility, show that the net is closing on those who try to evade their UK tax liabilities by using offshore structures – there are fewer and fewer places to hide" he said.

 

Source: Private Banker International