Evaders face £3billion back tax bill

(FT.Com) UK Investors with secret accounts face back-tax bills of an estimated total of £3bn if the Treasury succeeds in hammering out deals with three unnamed tax havens. The negotiations, which emerged on Friday, are likely to be modelled on a recent agreement with Switzerland or an amnesty agreed with Liechtenstein last year. The Swiss deal, announced in principle a few weeks ago, would preserve investors’ anonymity while imposing tax on their undeclared money. The Liechtenstein disclosure facility provides lenient terms for offshore evaders who come forward. Those who do not will find their accounts closed or, in “exceptional” circumstances, will face a tax of 1.5 per cent a year on the value of the assets.

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