THE EUROPEAN UNION is threatening to sue the UK over its tax agreement with Switzerland.
European Commission lawyers have said that the deal was in breach of European Union (EU) laws that are tougher on tax evasion. Chancellor George Osborne has been warned that he must renegotiate the deal or face a writ from the EU.
The deal will protect the secrecy enjoyed by UK residents with accounts in Switzerland in return for a large percentage of the capital in their accounts and a withholding tax. Germany negotiated a similar deal and, prompted by domestic pressure, has begun a new round of talks with Switzerland, the Financial Times reports.
The EU claims that the deal contradicts the EU Savings Directive and undermines its negotiating mandate.
Algirdas Semeta, the EU’s tax commissioner, told the Financial Times: “If we are unable to sort out these problems, then it is clear that as guardians of the treaty we have to proceed with the instruments that are in our hands.”
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