The UK and Switzerland governments have signed a controversial agreement to tax money held by British citizens in secret Swiss bank accounts. Nick Huber reports.
The agreement with the world’s best known tax haven, signed last week, has been broadly welcomed by tax experts, with one describing it as a “new chapter” in the clampdown on international tax evasion. But critics have said the deal is too soft on tax dodgers.
The main questions for tax advisers is whether to advise their clients to come clean about tax owed by using the Liechtenstein Disclosure Facility, which will run until March 2015.
The Treasury did not disclose how much it hopes to raise through the Swiss tax deal but last month a source familiar with the agreement told AccountingWEB that it could raise more than £5bn a year for the UK government.