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  1. Wealth
February 7, 2012

UK signs double taxation agreement with Liechtenstein, extends Liechtenstein Disclosure Facility

By Spear's

The UK Government’s groundbreaking tax agreement with Liechtenstein – the Liechtenstein Disclosure Facility (LDF) – which has ensured the UK receives its fair share of tax revenues from UK taxpayers with investments in the principality, has been consolidated today with the initialling of a Double Taxation Agreement (DTA)

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The UK Government’s groundbreaking tax agreement with Liechtenstein – the Liechtenstein Disclosure Facility (LDF) – which has ensured the UK receives its fair share of tax revenues from UK taxpayers with investments in the principality, has been consolidated today with the initialling of a Double Taxation Agreement (DTA).

In addition, the LDF will now operate until 5 April 2016.

DTAs ensure that the taxpayers of the signatory countries are taxed fairly and the respective countries receive their fair share of tax revenues.

Today’s agreement will benefit both countries as Liechtenstein has been the only European Economic Area (EEA) member without a DTA with the UK.

Liechtenstein will now implement new laws ensuring exchange of information arrangements for the first time.

David Gauke, Exchequer Secretary, said:

“This government is committed to ensuring that offshore income is properly taxed.

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“Today’s agreement takes that commitment forward by providing greater transparency and certainty to the taxpayers of both our countries about how their incomes and gains will be taxed.”

Dave Hartnett, Permanent Secretary for Tax at HMRC, said:

“As the number of disclosures already exceeds the total we originally expected for the whole period of the LDF, we have agreed with the Lichtenstein Government that it makes sense to extend the facility by one year to 5 April 2016.”

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