Volltext: The future importance of tax compliant clients

Relevant Person: 
Relevant Property: 
Relevant Service: 
LDF and Swiss-UK Tax Agreement 
comprehensive than the definition of a payment agent in the Swiss-UK tax 
agreement. ^ 
A relevant person is any natural person with a beneficial interest in relevant 
property, who has a residential address in the UK after 1 August 2009 or has 
been resident for tax purposes in the UK or for a person with a UK address 
in a beneficial owner form (money laundering legislation). Additionally, le- 
gal persons with residence in the UK and a beneficial interest in relevant 
property are also seen as relevant.'® 
Relevant property is any bank or financial accounts in Liechtenstein or a 
company (with or without legal personality), including foundations and 
trusts, formed, settled, founded, incorporated, managed or administered in 
Liechtenstein." In the FAQs, the definition of an entity is larger and also in- 
cludes partnership, establishment, trust enterprise or any other fiduciary enti- 
ty, insurance policy or estate." 
A relevant service is any one of the following services of FIs: board mem- 
ber; registered officer; holding powers of appointment of beneficiaries; cus- 
todianship; banking services.'? 
The Taxpayer Assistance and Compliance Programme (TACP) outlines the 
entire notification, certification, review and audit procedure. The TACP is 
legally implemented in Liechtenstein under the TIEA FL-UK Act and Ordi- 
nance.'”? Schedule 2: Definition of “Beneficial Interest” 
A beneficial interest exists if a relevant person has an interest in a relevant property. This includes 
founders and settlors, principal beneficiaries, any person who is entitled to more than 25% on income 
or capital of an entity, or a person that received benefits of over £ 25,000 (or equivalent value) in any 
given UK tax year. Furthermore, beneficial interest exists where relevant services (bank accounts) are 
held in the name of a beneficiary or a legal person referred to as a beneficiary in a form (money laun- 
dering legislation). A beneficial interest also exists if a natural person has a voting right of over 5% in 
168 CH-UK Tax Agreement, 2011, Art. 2, letter e. 
1 Memorandum of Understanding, 2009, schedule 1, no. 1, letter o. 
70 Memorandum of Understanding, 2009, schedule 1, no. 1, letter p. 
' HMRC, LDF FAQ, March 2013, sec. 1.27. 
7? Memorandum of Understanding, 2009, schedule 1, no. 1, letter q. 
173 Memorandum of Understanding, 2009, schedule 1, no. 1, letter t. 


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