HMRC target Liechtenstein bank accounts

Tax Investigation Specialists

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HMRC Target Liechtenstein Bank Accounts

Liechtenstein

HM Revenue & Customs (HMRC) has confirmed that it has paid an informant for data regarding British citizens who have bank accounts in the tax haven of Liechtenstein.

It is believed that HMRC paid the informant £100,000. HMRC has stated that it was seeking "to protect the UK exchequer from those who seek to hide behind secrecy laws" and that they have made the move in a bid to protect the UK against those trying to "deprive the UK of tax revenues to which it is entitled".

Meanwhile, Germany has also launched a probe into tax evasion using data obtained from an anonymous informant, who was reportedly paid 5m euros (£3.7m). In response, the country's head - Prince Alois von und zu Liechtenstein - has argued that Germany's move is illegal. Liechtenstein is now conducting its own investigation on the subject. The Organisation for Economic Cooperation and Development lists Liechtenstein as one of only three states remaining on its blacklist of "uncooperative tax havens". The other two countries are Andorra and Monaco.

If you hold an offshore bank account in Liechtenstein or any other offshore jurisdiction and you believe there may have been a loss of tax to the UK tax authorities, WLH Tax strongly advise you to make a voluntary disclosure to HMRC.

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Please do not hesitate to contact us on +44 (0) 207 491 9690 or +44 (0) 207 491 9696 to discuss how we can assist you with this matter.