Swiss banks initial payment to HMRC
The UK-Swiss tax agreement (which came into force on 1 January 2013) has paid to HMRC £342m as the first instalment of a levy on the accounts of UK taxpayers in Switzerland to cover arrears of tax that should have been paid to the UK.
Current and future tax liabilities will be covered by a new withholding tax (of up to 48%) on income. Under the agreement, people with taxable assets in Switzerland have a choice of authorising their financial institution to disclose the details to HMRC or have the levy and withholding tax applied.
Date: 27th February, 2013
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