A change to the UK-Swiss tax agreement signed last October provides for an increase in the maximum rate of the one-off payment from 34% to 41%. Dave Hartnett, HMRC’s Permanent Secretary for Tax, signed an agreement setting out the revised calculation in Zurich on 18 April. The change followed a similar revision to the Swiss-German agreement.
The Financial Times reported last week that the European Commission, which had raised concerns about conflicts between bilateral deals and EU law, said it had accepted the deals following changes introduced earlier this year. The paper noted that the UK-Swiss deal is controversial ‘because it will allow evaders to preserve their anonymity, preserving the confidentiality that is a hallmark of Swiss banking’.
A change to the UK-Swiss tax agreement signed last October provides for an increase in the maximum rate of the one-off payment from 34% to 41%. Dave Hartnett, HMRC’s Permanent Secretary for Tax, signed an agreement setting out the revised calculation in Zurich on 18 April. The change followed a similar revision to the Swiss-German agreement.
The Financial Times reported last week that the European Commission, which had raised concerns about conflicts between bilateral deals and EU law, said it had accepted the deals following changes introduced earlier this year. The paper noted that the UK-Swiss deal is controversial ‘because it will allow evaders to preserve their anonymity, preserving the confidentiality that is a hallmark of Swiss banking’.
