Over £363m has been paid in tax bills via the Liechtenstein Disclosure Facility, according to HM Revenue and Customs.

The LDF, which was set up in September 2009, is expected by the Revenue to bring up £3bn by 2016.

The facility allows investors with assets in Liechtenstein to disclose to the HMRC any evasion and pay 10 per cent of their tax due instead of the usual 100 per cent.

They also have to pay 10 years worth of back taxes and interest. Currently, over 2,400 people have registered to disclose unpaid tax and it has been so popular it has been extended from its original deadline of 31 March 2015 to 5 April 2016.

Dave Hartnett, permanent secretary for tax at HMRC, said: “HMRC originally estimated the number of people who would register for the disclosure facility at 2,000 and that it would probably produce £1bn. In light of the ongoing success of the LDF we now anticipate the arrangements will produce up to £3bn from a much larger number of people.”

This agreement will be strengthened this week as the UK and Liechtenstein prepare to sign a double taxation agreement.

This arrangement will remove obstacles to investment and other cross-border economic activity and give businesses increased certainty about their tax treatment.

Exchequer Secretary David Gauke said: “The UK has the largest tax treaty network in the world but, until now, Liechtenstein was the only country in the European Economic Area we had no agreement with.

“This new treaty and the existing disclosure facility shows the net is closing on those who try to evade their UK liabilities by using offshore structures- there are fewer and fewer places to hide.”