UK Close To Tax Agreement With Switzerland
HMRC has revealed they are close to concluding a deal with Swiss officials over unpaid taxes on money held in the country.
As part of the deal UK domiciles with Swiss bank accounts will be expected to pay a withholding tax and a levy on previously untaxed income. Discussions have been taking place since an agreement with Lichtenstein was signed to allow people to pay a low penalty on previously untaxed earnings.
HMRC’s secretary for tax Dave Hartnett told professionals that a deal with the Swiss was likely to be announced in late May/Early June. However reports have recently revealed that it could be as early as next week.
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