Taxing questions - the new Anglo-Swiss tax accord
Private client lawyers will have been paying close attention to the historic tax agreement between the UK and Swiss governments, which was signed on 24 August. There are a number of interesting and potentially controversial elements to the deal. Some critics suggest that evaders could, in the long term, pay less than if they had complied with the tax law, as the withholding tax on investment returns is slightly below the UK’s top rate of individual tax. They also contend that this does not effectively deal with the broader problem of tax evasion. However, these are misconceptions and it is worth noting that the UK Government expect the agreement to secure around £6bn worth of absconded taxes.
A tax deal between Switzerland and the UK is due to come into force in 2013. BDO’s Fiona Fernie and Dawn Register look at the consequences for UK taxpayers with Swiss bank accounts
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