A year or so ago who would have thought that Liechtenstein would sign an agreement with the UK which in effect provides for tax transparency and includes the five-year Liechtenstein Disclosure Facility (LDF) with very favourable terms for its participants? The latest available figures (as at the end of September 2010) show that 876 people had signed up to use the LDF. This is a surprisingly low number given the attractive deal available but perhaps reflects the fact that numerous advisers and their clients have yet to realise that there is no need to already have any connection with Liechtenstein in order to benefit from the LDF.
Recent developments
On 4 November 2010 it was announced that a second joint declaration concerning the agreement between Liechtenstein and HMRC had been signed. This supplements the original joint declaration and Memorandum of Understanding (MOU) signed on 11 August 2009...
