£6bn deal to end Swiss Tax Haven

[Mr Dave]

Britain and Switzerland have agreed a ground-breaking tax avoidance deal that could bring in £6 billion for the Treasury and which marks the end of an era where the super-rich used the country to shelter their wealth.

The Chancellor of the Exchequer has signed the deal involving Swiss banks.
So that Swiss banks can continue to uphold their levels of secrecy which they cherish, they will collect the “withholding tax” on future investment incomes and capital gains and pass it to the Treasury as a lump sum, so that the money gets to The Treasury without HMRC from knowing the individual client details. HMRC will have some powers to get to avoiders through the Swiss banks.

Pretty cool, good job Osborne.

-£14bn lost to UK through tax avoidance and evasion in 2008

-£1.28bn estimated assets held in Swiss offshore accounts

-1934 year when Switzerland’s tradition of bank secrecy was codified in law

-136,000 people work in Swiss bank sector

-500 number of Britons whose banking details UK authorities will be able to request each year

Source - thetimes.co.uk (behind paywall)