Volltext: The future importance of tax compliant clients

LDF and Swiss-UK Tax Agreement 
The preamble gives an insight into the intentions of the contracting parties on how the problem will be 
addressed. Since the preamble is not legally binding, it could be seen as a “letter of wishes” 1f ques- 
tions occur during the application of the agreement and the corresponding laws. 
2.3.3.2 The Agreement 
The MoU consist of six “parts” and seven "schedules": 
  
  
  
  
  
  
  
  
  
Table 3 Overview MOU 
Parts Schedules 
Part 1: Introductory Schedule 1: Defined terms and phrases 
Part 2: Arrangements to be made by Liechten- Schedule 2: Beneficial interest 
stein 
Part 3: Arrangements to be made by HMRC Schedule 3: Notification procedure 
Part 4: Termination Schedule 4: Certification procedure 
Part 5: Notices Schedule 5: Review procedure 
Part 6: Miscellaneous Schedule 6: Audit procedure 
Schedule 7: Disclosure facility 
  
  
Source: Memorandum of Understanding, 2009, part 1, no. 1. 
Part two comprises the arrangements which have to be made by Liechtenstein. Liechtenstein has to 
create legislation in order to transform the LDF. The legislation has to contain a duty for FIs to identi- 
fy relevant persons (also persons with beneficial interest) for which they are providing relevant ser- 
vices and notify them if a contractual relationship for relevant property is available. The Fls must 
withdraw their services if the person does not follow the certification procedure. In order to ensure that 
the Liechtenstein legislation fulfils the requirements, HMRC has the option to review it. Liechtenstein 
was required to enact the legislation within twelve months of signing the MoU."*® The relevant laws 
are called TIEA FL-UK" Act and Ordinance and Steueramtshilfegesetz-UK"® and Steueramtshilfe- 
  
135 Memorandum of Understanding, 2009, part 1, no. 1. 
13% Memorandum of Understanding, 2009, part 2. 
157 Übereinkommen zwischen der Regierung des Fiirstentums Liechtenstein und der Regierung des Vereinigten 
Kónigreichs von Grossbritannien über die Zusammenarbeit und den Informationsaustausch in Steuersachen 
(TIEA-UK), LGBI. 2010 Nr. 432. 
55 Gesetz von 30. Juni 2010 über die Amtshilfe in Steuersachen mit dem Vereinigten Kónigreich von Grossbri- 
tannien und Nordirland (Steueramtshilfegesetz-UK; AHG-UK), LGBI. 2010, Nr. 248. 
29 
 
	        

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