The UK and Liechtenstein have agreed to reach a formal tax information exchange agreement (TIEA) in the near future, following bi-lateral negotiations on tax transparency.
Senior representatives of the Liechtenstein Government and HMRC met ahead of the G20 summit to discuss how to progress increased tax transparency between the two countries, building on the publication of the Liechtenstein Declaration on 12 March. Liechtenstein asked for technical assistance from the UK to help determine the identity of UK residents with beneficial interests in Liechtenstein structures and bank accounts to ensure the bank secrecy and privacy rules could not be abused and used for tax evasion. Legal certainty for UK taxpayers, Liechtenstein and the Liechtenstein financial...
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