The secret Swiss bank account of legend is to become a relic of the past if the UK government achieves its aims in negotiations with the Swiss government.
According to The Guardian, negotiations recently opened between the two countries as part of a wider EU information exchange initiative designed to reduce tax evasion via offshore bank accounts.
One of the proposals on the table is for the Swiss to levy tax on interest earned on accounts held by UK nationals, and to remit the funds to the UK. A similar deal with the Italians reportedly raised more than €15bn.
The deal with the Swiss government is controversial, but is seen in Whitehall as a pragmatic way to raise extra revenue. As AccountingWEB.co.uk Tax Editor Rebecca Benneyworth put it, “X% of something i...
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.