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Liechtenstein; United Kingdom: Agreement on Exchange of Tax Information

(Oct. 6, 2009) On August 11, 2009, Liechtenstein and the United Kingdom signed a Tax Information Exchange Agreement and a Memorandum of Understanding on Cooperation in Tax Matters. The Agreement provides for the exchange of information in tax matters in a manner that is expected to live up to the standards of transparency called for by the Organisation for Economic Co-operation and Development. The Agreement calls for the sharing of information related to taxpayers of the other country if a specific request is made identifying the taxpayer and the issues. Under the Agreement, assistance is no longer limited to criminal investigations. The Memorandum of Understanding provides a grace period until 2015 to allow current British account holders in Liechtenstein to self-declare their tax deficiencies or be given an opportunity to remove the funds from Liechtenstein.(Thomas Hosp, Liechtenstein and United Kingdom Sign Agreement to Ensure Tax Compliance of UK Clients, 10 European Taxation Journal (2009), Sept. 28, 2009, available at (IBFD online subscription database).)