Tax haven set to close accounts

July 23rd, 2010

Financial Times

Thousands of UK taxpayers with accounts in Liechtenstein face having their bank accounts closed, and heavy fines imposed, if they continue to flout UK tax law.

Over the next few weeks, banks in the Alpine principality will be sending out letters to UK taxpayers with undeclared income in their accounts, asking them either to demonstrate that they are UK tax compliant, or to make a disclosure under the Liechtenstein Disclosure Facility (LDF) – the tax amnesty set up by HM Revenue & Customs (HMRC).

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