Big increases in the amount that HMRC estimate their Liechtenstein Disclosure Facility (LDF) will bring in have to date largely been prompted by the UK’s tax deal with Switzerland.
The UK Swiss Tax Agreement published today leaves the authorities with a number of routes to prosecute lawbreakers with assets in Swiss bank accounts, if they choose to use them, says the Chartered Institute of Taxation (CIOT).
Today’s announcement that Switzerland and Germany have agreed changes to their tax treaty is likely to lead to higher charges for UK holders of undeclared Swiss bank accounts too.
The UK Government and Swiss Government have each got something out of the deal announced today, says the Chartered Institute of Taxation (CIOT).
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