Tax Information Exchange Agreement – Agreement between the UK and Liechtenstein signedWednesday, August 19th, 2009
A new Tax Information Exchange Agreement (TIEA) between the UK and Liechtenstein was signed in Vaduz, Liechtenstein, on 11 August 2009. The Agreement will enter into force as soon as both governments have completed their domestic legislative procedures needed to give it effect.
Along with this announcement, the two countries announced the introduction of the Liechtenstein Disclosure Facility (LDF), a bespoke service to support the reviews to be carried out by the Financial Intermediaries in Liechtenstein to identify those who may have liability to UK tax. The LDF allows people with unpaid tax linked to investments or assets in Liechtenstein to settle their UK tax liability under this special arrangement. The LDF will run from 1 September 2009 until 31 March 2015.
Discussion will also proceed between the two countries over the next year with a view to introducing a comprehensive double taxation convention.
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