A tax agreement between the UK and Switzerland that aims to retrieve tax that should have been paid to the UK has delivered £342m in the first tranche of revenue.
The agreement was struck on 1 January. This is the first instalment of a levy on the accounts of UK taxpayers in Switzerland to cover arrears of tax.
Current and future tax liabilities will be covered by a new withholding tax of 48% on income.
Under the agreement, people with taxable assets in Switzerland have a choice of authorising their financial institution to disclose the details to HM Revenue & Customs (HMRC) or have the levy and withholding tax applied by the institution.
Exchequer secretary David Gauke said: "Our agreement with the Swiss government will deliver around £5bn of previously unpaid tax to the UK.
"The first down payment of 500 million Swiss francs has now been received. This is money which was owed to the UK and has now been paid.
"Offshore evasion costs the UK billions of pounds every year and we are determined to tackle it.
"One of the ways is through information exchange and this agreement makes it easier for HMRC to obtain information about UK taxpayers suspected of hiding money in Switzerland."
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