The British and Swiss governments are about to negotiate a “withholding” tax to be levied on Brits with money in Swiss bank accounts.
The UK and Switzerland signed a joint declaration last October to start working towards sharing information on tax issues. The withholding tax would require Swiss banks to collect a percentage of the tax due on the interest earned in their accounts, on behalf of HMRC. It’s estimated that the tax could net the Treasury between £3bn to £6bn within a couple of years. The likely tax rate on the Swiss bank accounts is rumoured to be between 25% and 35%. This is yet more evidence, if any were needed, of how the tax haven world is shrinking fast.
Worried about an offshore bank account?
Lynam Tax Enquiry Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesty.
*For a free, private, no obligation consultation, don’t delay, call Paul Lynam today: on 0845 643 9997