UK/Switzerland tax agreement yields £342m

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 ...