Volltext: The future importance of tax compliant clients

LDF and Swiss-UK Tax Agreement 
discussed a retention tax on accounts or an alternative final tax as a last resort in exceptional circum- 
HMRC and Liechtenstein have agreed to discuss rights and duties after 31 March, 2015. The Declara- 
tion offers the opportunity to create a similar agreement with a ^UK Disclosure Facility" for Liechten- 
stein. To conclude, the First Joint Declaration only repeats some of the points from the MoU.?* 
The waiver of all future legal proceedings against FIs is as important point of the Declaration. The 
ongoing discussion in Switzerland regarding the “Lex USA” has shown that the guarantee of exemp- 
tion from punishment for financial market participants and their employees is not self-evident. How- 
ever, the waiving of all future legal proceedings against FIs must be interpreted as a declaration of 
intent and is not legally binding.?? Part two of the declaration, on how to deal with non-cooperative 
persons, will become important after the notification deadline in the second half of 2013. 
2.3.5 Second Joint Declaration Taxpayer Assistance and Compliance Programme 
The legal framework for the TACP (taxpayer assistance and compliance programme) entered into 
force on 1 September 2010 by the TIEA. The Government of Liechtenstein confirms that it will set out 
the details of the TACP and the review procedure in due course. The parties want to agree on the Fls 
which comprise “the A List” and will receive an annual consolidated summary of the audit report in 
the future. The declaration clarified that new relevant properties must be meaningful in order to profit 
from the LDF, and stated that a public statement would be made in due course (Third Joint Declara- 
As mentioned above, "the A List" has still not been officially issued. The TACP is in force and will be 
discussed in section 2.3.7. Clarifications of the MoU 
With regards to relevant property, the declaration clarifies that a person who did not own a non-UK 
property before 1 September 2009 is not eligible for the benefits of the LDF. To clarify it even further: 
a non-UK asset (account, property) is a) a non-UK bank account; b) interest in a non-UK entity incor- 
?7 First Joint Declaration, 2009, p. 3&4 
7 First Joint Declaration, 2009, p. 4. 
?? Hosp & Langer, 2011 (3), p. 240. 
250 Second Joint Declaration, 2010, p. 1. 


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