Who has been talking about the UK-Swiss deal?
25 August 2011
Salman Shaheen - ITR
The UK-Swiss deal has met with mixed reactions from advisers and tax justice campaigners, but the feeling is that it is worse for account holders than the Lichtenstein Disclosure Facility and bad for tax authorities too.
“The proposal represents a pragmatic response from the UK government aimed at securing what they hope to be billions of pounds of tax that would otherwise remain uncollected, and at the same time allowing Switzerland to maintain banking confidentiality.”
- Tom Rowbotham, tax partner, Deloitte
“The dilemma now for those individuals who hold undisclosed assets is will they be better off under this new Swiss agreement or the Liechtenstein Disclosure Facility which was established two years ago and has had a bigger take up than HMRC expected, as it offers a guarantee of non-prosecution...
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