Revenue and Customs have demanded that Switzerland increase the maximum one off penalty imposed from thirty-four percent to forty-one percent; following a similar revision between the Switzerland Germany tax deal.
It is believed that the change in legislation will significantly increase the tax take received from the Swiss deal, with sources claiming the total revenue will be above the Treasury’s previous estimates of between £4 billion and £7 billion.
The amendments to the deal will see the minimum rate payable for the one-off penalty increase from nineteen percent to twenty-one percent; whilst higher rates will increase to the full forty-one percent – which will apply depending on the size of the account and the rate of capital growth.
Under the deal, which was introduced in the Finance Bill, those who have previously avoided paying tax will be given the opportunity to regularise their affairs by paying the one-off penalty payment, followed by withholding tax on future income on their accounts.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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