Tax dodgers given chance to put money into Liechtenstein

The ground-breaking scheme will allow people with undeclared assets anywhere outside the UK to transfer them to Liechtenstein. They will then be given a fixed penalty plus a backdated tax bill and a guarantee they won't be prosecuted.

This means that anyone with assets hidden in popular tax havens such as Switzerland, Jersey, Guernsey, Gibraltar or Monaco can transfer them to Liechtenstein and take advantage of the Inland Revenue amnesty.

The Revenue will take 40 per cent of the assets in tax and impose a 10 per cent penalty. As a rough guide people will be left with half the money they had in the bank.

Liechtenstein's biggest bank LGT and leading law firm DLA Piper will be hosting a series of seminars across the UK in late March to explain the new scheme, which is called the Liechtenstein Disclosure Facility (LDF).

If sufficient interest is shown in Yorkshire there are plans to hold a seminar in Leeds later in the spring.

DLA Piper partner Simon Airey said this was a once in a lifetime chance to avoid prosecution as the Revenue gears up to "name and shame" UK tax evaders.

Mr Airey estimated there could be thousands of tax evaders in Yorkshire.

There are rumours that the Revenue is working on 10 high- profile prosecutions including various celebrities, media personalities, sportsmen, lawyers and bankers – many sitting on seven-figure bonuses.

"It is only a matter of time before the Revenue catches these people," said Mr Airey. "A lot of them will be pillars of the community, chief executives of companies or successful sports stars. But they can't sleep at night because these assets have become radioactive."

The Revenue is hoping to make at least 1bn from the Liechtenstein scheme.

n To take advantage of the scheme consult a lawyer or visit www.ldf-info.com