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27 Apr 2011
THE UK IS close to agreeing a disclosure agreement with Switzerland, reports have suggested.
Under the deal, UK citizens with Swiss bank accounts will pay a withholding tax and a levy on previously untaxed income, the Sunday Times reported. The Swiss will hand over details of individual bank accounts if HM Revenue & Customs can prove that they have been used to evade taxes.
Further reading
Negotiations have been ongoing following the agreement with Liechtenstein that provided UK residents with the opportunity to pay a low penalty on previously undeclared taxes and gain immunity from prosecution.
HMRC permanent secretary for tax Dave Hartnett told a group of tax investigation professionals that a deal with Switzerland would be announced in May or June, though reports have suggested this could be as early as the first week of May.
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Visitor comments Add your comment
Tax the rich, tax the poor, tax everyone till they can be taxed no more
How pathetic. I guess they want no one to escape their robbery, no matter where they are. This is a rather worrying evolution for tax competition in the EU, as up to now Switzerland has forced irresponsible, profligate gluttons like the UK to at least pretend to care about the vibrance of their economies. Ah, but I suppose the government is run by idiots who think taxation does nothing to reduce productivity? I hope these people kiss the UK goodbye.
Posted by: Anthony, 28 Apr 2011 | 12:36
DOH
Tax evasion is illegal, although any one with half a brain will have used a false identiity when hiding their criminal proceeds, why should these more serious criminals get away with a 10% penalty? ought to be the question, that is not fair ! tax rates do need to be lowered though and less government in order for us all to be richer.
Posted by: Spike, 29 Apr 2011 | 09:41