HMRC closes in on £1bn Swiss disclosure deal

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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 Tax Editor Rebecca Benneyworth put it, “X% of something i...

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About John Stokdyk

John Stokdyk is the global editor of AccountingWEB UK and


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29th Oct 2010 12:53

The Swiss Disclosure Deal

I  agree with Richard comments. Why should they get away with paying less tax than the people who invest in this country. This is rediculous. Families with one earner whose income might be just above the higher rate threshold will loose their child benefits (my son  father of two weeks old twins is one of them affected by this measure) while these people will get away with not declaring their income this is not right...


Why not make the rate of tax applicable to all swiss bank account as 60%? they would then have the incentive to declare the income properly and pay the right amount in the end...



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29th Oct 2010 15:40

“The secret Swiss bank account of legend is to become a relic of
Most of the media’s ideas on Swiss Bank accounts were wrong to start with, but the idea that a UK or other national can’t keep their affairs private in Switzerland (or elsewhere) is just crazy. If someone wants to, they can organize their affairs so that nobody else knows or can know about their affairs. It isn’t rocket science and it is surely that reality which has the Government accepting another small slice of the cake rather than have the cake move to another part of the World where they can’t get any cake at all.It will be interesting to see whether the EU commissioner for tax, who isn’t happy about this German/UK deal, will work to block the deal as he has already said that EU law overrides any such agreements; he is still pushing for automatic exchange of info.


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