UK and Liechtenstein update tax deal

More than 2,400 people have registered to disclose unpaid tax under the Liechtenstein Disclosure Facility (LDF) with £363 million already paid in tax bills according to HM Revenue and Customs (HMRC). The LDF is now expected to bring in up to £3 billion by 2016 based on the current numbers of disclosures. The figures were released as the United Kingdom and the Principality of Liechtenstein prepared to sign a double taxation agreement (DTA) this week. Dave Hartnett, Permanent Secretary for Tax at HMRC, said: "The third Joint Declaration recognises the overwhelming success of the LDF. HMRC originally estimated the number of people who would register for the disclosure facility at 2,000, and that it would probably produce £1 billion. "In light of the ongoing success of the LDF we now anticipate the arrangements will produce up to £3 billion from a much larger number of people." Follow HMRC on Twitter @HMRCgovuk. June 15, 2012