BRITONS WITH MONEY hidden in Swiss bank accounts will be subject to a 50% withholding tax, reports have suggested.
The Financial Times reports that a “source close to the negotiations” has said that the 50% levy has been agreed with Switzerland, which will collect the taxes on behalf of the UK government.
The deal, which will be announced in the next month, is expected to raise £3bn for the Exchequer. The report said that investors will be required to pay a one-off retrospective levy in recognition of past unpaid tax, though account holders will retain their anonymity under the agreement.
Andrew Watt, managing director at Alvarez & Marsal, told the FT that this agreement would have been unthinkable two years ago. “However inadequate the agreement, even if it is just a small chink of light, it is still astonishing,” he said.
This move has sparked complaints from Liechtenstein, with which the UK has had a longstanding agreement that charges account holders lower-than-normal penalties with immunity from prosecution.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy