Swiss tax deal to raise UK revenue

Switzerland and the United Kingdom signed a new tax treaty on the 24 August 2011 for funds deposited by British residents into secret Swiss bank accounts. The deal was hoped to yield as much as £5bn for the UK Exchequer.

The agreement, which would come into force in 2013, respects bank secrecy by preserving the anonymity of UK account holders – a key Swiss demand – and followed a similar accord reached with German authorities earlier in August 2011.

UK: HM Revenue&Customs: Agreement between the Swiss Confederation and the United Kingdom of Great Britain and Northern Ireland on cooperation in the area of taxation http://www.hmrc.gov.uk/taxtreaties/ukswiss.htm

ESO: Background information: The best of weeks, the worst of weeks for Switzerland http://www.europeansources.info/record/the-best-of-weeks-the-worst-of-weeks-for-switzerland/

ESO: Background information: Britons to be taxed on secret billions http://www.europeansources.info/record/britons-to-be-taxed-on-secret-billions/

Swissinfo.ch, 24.8.11: Bern and London initial new tax treaty http://www.swissinfo.ch/eng/business/Bern_and_London_initial_new_tax_treaty.html?cid=30982046

BBC News, 24.8.11: Tax deal with Swiss banks agreed by UK authorities http://www.bbc.co.uk/news/business-14649194

United Kingdom: HM Treasury: Press Notice: No.98/11 (24.8.11): Agreement with Switzerland to secure billions in unpaid tax http://www.hm-treasury.gov.uk/press_98_11.htm

BBC News, 25.8.11: Tax deal with the Swiss defended by UK minister http://www.bbc.co.uk/news/business-14662950

Le Temps, 26.8.11: Bank secrecy feels the squeeze (via PressEurop) http://www.presseurop.eu/en/content/news-brief-cover/887921-bank-secrecy-feels-squeeze

UK: HM Revenue&Customs: News, 6.10.11: Swiss tax deal signals beginning of the end for offshore evasion http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=257&NewsAreaId=2&ReleaseID=421502&SubjectId=36

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