UK Chancellor: Deal With Liechtenstein To Net GBP 1 Bln Of Unpaid Tax

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UK's Chancellor Alistair Darling said the deal struck with Liechtenstein to tax offshore investment of Britons will net GBP 1 billion of unpaid tax.

Also, commitments from other tax havens will also help the UK to trace and recover revenues that are unpaid on account of tax receipts of thousands of wealthy persons, Darling added.

In August, the British government had inked agreements with the Government of Liechtenstein that would help in properly taxing the offshore investments of UK residents in Liechtenstein. The agreement would also assists both UK and Liechtenstein to exchange information to ensure the right tax is paid in each nation in future.

Around 5,000 British investors are believed to have accounts in Liechtenstein, with funds totaling at least GBP 3 billion.

UK's Chancellor Alistair Darling said the deal struck with Liechtenstein to tax offshore investment of Britons will net GBP 1 billion of unpaid tax. (Market News Provided by RTTNews)