Under a new deal due to be signed today, up to 5,000 British investors, thought to hold up to £3m, will be asked to disclose their funds held in secret Liechtenstein bank accounts. HM Revenue & Customs is offering investors the chance to volunteer the details of their deposits with only limited penalties. The banks in Liechtenstein will be asked to close the accounts of those who do not comply with the taxman. The banks and trust companies will then be audited to confirm the undeclared accounts have been closed. Treasury secretary Stephen Timms welcomed the move. 'Today's agreements are very good news for honest taxpayers and investors everywhere. And they represent a big step forward for tax transparency. 'I am grateful to the government of Liechtenstein for their goodwill, determination and professionalism to find an effective way forward in a difficult and complex area.' The deal could potentially serve as an international model for opening up Liechtenstein accounts, and comes just months after international pressure forced the jurisdiction to ease its secrecy rules. Account holders in Liechtenstein banks will be asked to settle unpaid tax dating back 10 years, paying interest and a penalty of 10% of the tax. The move comes as the UK government is offering a new amnesty, the New Disclosure Opportunity in September, to investors with money in other offshore jurisdictions. The investors in Liechtenstein are being offered better terms, as under the NDO other investors will have to settle tax dating up to 20 years, with some penalties of 10% and 20%. The deal will accompany an agreement to exchange tax information on request. Permanent secretary for tax, Dave Hartnett, said: 'Those who have been evading UK tax on assets held in Liechtenstein banks must now settle with us. There are no alternatives.'