TaxPersonal TaxUK deal set to follow German-Swiss agreement

UK deal set to follow German-Swiss agreement

Germany and Switzerland to announce withholding tax in advance of similar UK-Swiss deal

GERMANY and Switzerland are set to announce a deal over untaxed assets today in advance of a similar imminent deal between UK and Switzerland.

The deal is likely to initially involve Swiss banks paying 2bn francs (£1.7bn) to the German government to regularise the assets of German clients, who have an estimated 150bn francs (£127bn) in Swiss accounts.

Following this, the LSE reports that the two sides are expected to implement a withholding tax of 26% of future interest income.

A similar withholding tax deal between the UK and Switzerland is expected within the next week or so. It was originally announced towards the end of last year and HM Revenue & Customs permanent secretary for tax Dave Harnett said it would be announced in April or May of this year. However, reports have suggested that the deal will be announced this month.

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