UK finalising deal with Switzerland to tax non-domicile accounts
28 April 2011
Salman Shaheen - ITR
The UK government is in the final stages of brokering a deal to apply withholding tax on British citizens with Swiss bank accounts.
The UK tax authorities have been more concerned with tax evasion on the part of corporates and individuals in the wake of the recession and the new deal will serve to assert the country’s taxing rights.
Switzerland has been careful to ensure that, unlike the Liechtenstein Disclosure Facility, (LDF), which was launched 2009 to allow UK taxpayers with accounts in Liechtenstein to come forward in exchange for reduced penalties, this new deal will preserve Swiss banking secrecy.
“Switzerland is very interested in doing this deal,” said...
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