Posted by James Curtis
The coalition has moved to further discourage Britons from offshore tax avoidance with the extension of a "groundbreaking" tax agreement, sole traders could be interested to learn.
David Gauke, Exchequer secretary, has revealed that the coalition has initialled a Double Taxation Agreement (DTA), thus consolidating its existing deal with Liechtenstein.
The agreement was created in an effort to ensure that the UK receives "its fair share" of tax revenues from UK taxpayers making investments in the principality.
As a result of the move, the Liechtenstein Disclosure Facility will run until April 5th 2016.
Mr Gauke commented: "This government is committed to ensuring that offshore income is properly taxed.
"Today's agreement takes that commitment forward by providing greater transparency and certainty to the taxpayers of both our countries about how their incomes and gains will be taxed."
He added that the new agreement will benefit both countries as Liechtenstein was the only European Economic Area member without a DTA with the UK.