Tax Rebates & Refunds

UK receives £340m from Swiss government to curb tax evasion

February 28, 2013
Posted in Fraud, Other Tax — Written by Jennifer

As part of a new agreement to crack down on tax evasion and fraud, the Swiss government has given the UK a total of £340 million.

The agreement, which was finalised last year, involves the Swiss government providing the UK with a one-off levy on money that UK nationals have stored in secret Swiss bank accounts. Switzerland has long been considered a tax haven for high-earning UK nationals, but has now given into continued pressure from the UK, US and Germany to start cleaning up its private banking system.

The agreement also means that the Swiss authorities will tax future interest payments from this year onwards, which could lead to the UK receiving more than £3 billion from the Swiss government next year and more than £5 billion by the 2017/18 tax year.

Confirming the agreement, the UK chancellor George Osborne said:

“Last night HMRC received £340m from the Swiss government, in the first instalment of a deal we have struck. This is the first time in our history that money due in taxes has flowed to this country from Switzerland, rather than the other way round,”

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment