• From The BBC:

    A breakthrough deal to recover lost tax from Britons holding bank accounts in Liechtenstein will net £1bn, Chancellor Alistair Darling has said.HM Revenue & Customs struck an agreement last month with the Alpine tax haven to exchange information. Up to 5,000 British investors are thought to have funds in secret accounts in the country – which would mean an average pay-back of £200,000. The Revenue has requested details of 100,000 offshore accounts worldwide. Tackling offshore evasion tax evasion and tax havens was “not only fair” but “particularly important… especially at a time when we expect public spending in the period ahead to be tighter”, Mr Darling told the CBI Scotland annual dinner. PressureUnder the Liechtenstein arrangement, investors will be offered the chance to volunteer details of their deposits in return for penalties, capped at 10% of tax evaded over the past 10 years. HMRC said that those who failed to make a full disclosure would have their accounts…

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    Posted by Jon @ 3:58 pm

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