TaxCorporate Tax£10bn haul likely from Swiss accounts

£10bn haul likely from Swiss accounts

Swiss agreement to help UK authorities probe account holders who may have undeclared income stashed away could recoup £10bn for the Treasury

HMRC’s groundbreaking deal with the Swiss tax authorities could generate up
to £10bn from high-net worth individuals with secret accounts.

Swiss banks have 56 times more assets under management than financial
institutions in Liechtenstein, where the taxman is currently running an amnesty.

HMRC expects to yield £1bn from existing Liechtenstein account-holders
between now and 2015.

In this context, tax advisers from law firm McGrigors said a conservative
estimate of the amount that could be generated from undeclared assets held in
Switzerland could be £5bn-£10bn.

Jason Collins, head of tax disputes and investigations at the firm, said: ”
There is a lot for HMRC to play for.”

The downside for HMRC, Collins added, was the potential for the more
committed tax evaders in Switzerland to shift their accounts to other offshore
jurisdictions.

Further reading:

Swiss
deal drives taxpayers to Liechtenstein amnesty

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