Britons to be taxed on secret billions

United Kingdom citizens with billions of pounds hidden in Switzerland will pay tax at 50% under a groundbreaking deal that will legitimise their undeclared assets, according to a source familiar with negotiations between the Swiss and British governments.

The agreement, which is expected to be announced in May 2011, marks a shift in emphasis in the international crackdown on tax havens. Over the past two years, the focus has been on lifting bank secrecy and exposing evaders.

ESO: Background information: Swiss bank deal rests on leap of faith http://www.europeansources.info/record/swiss-bank-deal-rests-on-leap-of-faith/

Swissinfo.ch, 16.2.11: Switzerland aims to extend tax cooperation http://www.swissinfo.ch/eng/Specials/Rebuilding_the_financial_sector/Spotlight_on_banking_secrecy/Switzerland_aims_to_extend_tax_cooperation_.html?cid=29508202

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