News
50% tax levy agreed with Switzerland
27 May, 2011
Swiss bank accounts held by Britons will be subject to a 50% withholding tax.
In a Financial Times report it was said that a "source close to the negotiations" has said that the 50% levy has been agreed with Switzerland, which will collect the taxes on behalf of the UK government. The announcement of the deal will be made within the next month and it is expected to raise £3bn for the Exchequer. While account holders will retain their anonymity under the agreement, investors will be required to pay a one-off retrospective levy in recognition of past unpaid tax.
Liechtenstein has questioned the move as it has a longstanding agreement with the UK and charges account holders lower-than-normal penalties with immunity from prosecution.
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