British investors who have savings of up to £3bn in Liechtenstein in undisclosed bank accounts could be asked to voluntarily come forward under a deal that is to be negotiated next week with the Organisation for Economic Co-operation and Development.
On Thursday, HM Revenue and Customs made an agreement with the Liechtenstein government to discuss plans next Wednesday about encouraging 'voluntary disclosure of untaxed assets' by thousands of British account holders with the secret accounts.
In a statement HM Revenue & Customs said: 'We welcome Liechtenstein's announcement today. We will be talking to the Liechtenstein government to agree a basis for a Tax Information Exchange Agreement and to open up the historic bank accounts.'
The news of Liechtenstein moving towards international tax transparency agreements comes after announcements made earlier this week from Gibraltar and Monaco. Both have signed up to the OECD agreement that will see all tax matters available to EU member states that are also signatories.
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