TaxPersonal TaxUK and Switzerland sign tax agreement

UK and Switzerland sign tax agreement

The deal to impose charges on the Swiss accounts of UK taxpayers was signed today

THE UK has today signed the tax agreement with Switzerland that will impose a one-off deduction of up to 34% on UK taxpayers’ accounts in Switzerland.

The agreement, which was detailed last month, was signed in London today, HM Revenue & Customs announced. The one-off deduction of between 19% and 34% on the capital in the Swiss accounts was confirmed. There will also be a withholding tax of 48% on investment income and 27% on gains from 2013.

Exchequer secretary David Gauke said: “This is an excellent agreement which tackles a problem many people thought would never be solved.

“Working with the swiss Government we have delivered a highly effective solution which will benefit both countries and recover billions of pounds of unpaid tax for the UK.”

HMRC permanent secretary for tax Dave Hartnett said: “The world is shrinking fast for offshore tax evaders and this agreement will ensure that we know where money that flees Switzerland is heading. We won’t be far behind.”

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