In August 2009 HMRC announced an historic agreement between the governments of Liechtenstein and the UK aimed at increasing tax transparency. They agreed to exchange and share information and to put in place an arrangement whereby, by 2015, all UK-based persons holding assets in Liechtenstein should be paying UK tax at the appropriate rate.
Background
Following the theft of personal data in relation to UK citizens holding assets, some of which were untaxed in the UK, the Liechtenstein and UK governments held talks on co-operating on tax matters. The result was the signing of two agreements between Liechtenstein and the UK:
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•ÌýÌýÌýÌý a Tax Information Exchange Agreement (TIEA) to enable the countries to exchange and share information relevant to the determination, assessment and collection of taxes, the recovery and enforcement of tax claims, and the investigation or prosecution of criminal tax matters. This entered into force in the UK on 2 December 20101
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•ÌýÌýÌýÌý a Memorandum of Understanding (MOU) supported by way of a Joint Declaration. The MOU provides for the introduction:
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