Volltext: The future importance of tax compliant clients

LDF and Swiss-UK Tax Agreement 
er have information to ask for, since all UK individuals will have been identified during the process. 
There might be some individuals with a false certificate of tax compliancy who have still not declared 
their assets to HMRC. If such an individual is detected, he will face high penalties: up to 200% of the 
tax due.”® 
With the TIEA, Liechtenstein abdicates the principle of double criminality requirement. Thus, tax 
offences will be treated according to the legal opinion of the requesting country, which will generally 
be the UK.*” Furthermore, information secured under the business confidentiality of banks and trus- 
tees is not protected against a tax information request."* Taxpayer Assistance and Compliance Program 
The purpose of the Taxpayer Assistance and Compliance Program (TACP) is to identify persons liable 
to taxation in the UK, to notify them, issue certifications and handle the review and audit procedure.” 
FIs have to identify new clients within 30 days of business relationships. If the business relationship 
started before 1 September 2011 it has to be done by 1 October 2011 and the identification of benefi- 
cial interest and relevant property before 1 January 2012. If the FI gains knowledge that a client is 
liable to taxation in the UK, the identification takes place immediately.” Current UK clients have to 
be identified and notified by 31* December 2011 at the latest." 
In the notification procedure, the FI has to identify relevant persons to whom he provides relevant 
services. He informs the identified person within 3 months of the identification. This person has to 
reply within 18 months and either explain why he is not a relevant person or send a registration certifi- 
cation and a disclosure certification or another written confirmation or document.” Other acceptable 
documents include written confirmation from a qualified tax, legal or accounting advisor, a form pro- 
vided by HMRC, a certified or notarised copy of a tax filing or a written waiver and identification 
form.” The FI must cease to provide his services within 6 months if he does not receive a satisfactory 
answer. The FI has to provide the relevant person with confirmation of relevance (if appropriate)?“ 
7$ HMRC, 2012 (6), p. 1 & 2. 
?7 Hosp, 2009 (1), p. 719. 
75 Hosp, 2009 (1), p. 721. 
7? Steueramtshilfegesetz-UK, 2010, art. 7. 
280 Steueramtshilfeverordnung-UK, 2010, art. 2. 
?*! UK TIEA Ordinance, explanatory notes, art. 2. 
282 Steueramtshilfegesetz-UK, 2010, art. 8. 
253 Steueramtshilfeverordnung-UK, 2010, art. 4. 
284 Steueramtshilfegesetz-UK, 2010, art. 8. 


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