Swiss-UK tax deal points to other tax havens

| 26/10/2011

(Telegraph): The recent Swiss-UK tax agreement is likely to give HMRC the ammunition to focus on other tax havens.On October 6, HMRC released the full details of its controversial deal with Switzerland, designed to enabling the taxation of undeclared assets hidden in Swiss bank accounts in return for account holders retaining their anonymity. As governments across the globe try to minimise their deficits by tapping into unpaid tax bills, "tackling offshore tax evasion" has become the buzz phrase of the moment. The Swiss-UK agreement adds another string (or two) to the UK government’s bow in this respect, due to information sharing provisions which help HMRC decide "where next" in the fight against tax evasion.

Specifically, the Swiss banks have agreed to inform HMRC of the top ten destinations to whichmoney removed from Switzerland is sent. Information to be provided will include the number of people who transferred their funds to each destination between the date of signature of the agreement and the last day of the month, following a period of four months after the date of entry into force of the agreement.

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