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2,000 tax dodgers come clean in Liechtenstein clampdown
Markets
by Alex Steger on Feb 08, 2012 at 08:08
Around 2,000 tax evaders with money invested in Liechtenstein have come clean after HM Revenue & Customs (HMRC) put the European tax haven under the spotlight.
The BBC reported that the number of people who have come forward as a result of a deal between HMRC and Liechtenstein's government, struck in 2009, far exceeded tax officials' expectations.
By volunteering themselves to HMRC the 2000 people will face paying only 10% of the tax they have evaded.
As many as 5,000 British investors are understood to have an estimated £3 billion in accounts in Liechtenstein.
Those who come forward face paying back-taxes, and interest, going back up to 10 years.
Those who do not take up HMRC’s disclosure opportunity in Liechtenstein will face fines amounting to 200% of their unpaid tax, plus back-taxes and interest.
The offer was set to finish at the end of March 2015, but has now been extended to April 2016.
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1 comment so far. Why not have your say?
David Atherton
Feb 08, 2012 at 18:44
It's not 10% of the tax, it's all the tax, all the S88 TMA70 interest and a fixed 10% penalty on top of the tax. Bad news if you ask me, why on earth would you put your money in these places if not to steal tax from the country you falsely claim allegiance to.
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