Wednesday, 11 July 2012
Psst… Got a Swiss bank Account?
UK residents with undisclosed Swiss bank accounts are facing a 41% payment of their Swiss assets to settle historical liabilities.
In 2011 the UK-Swiss ‘withholding tax agreement’ capped liabilities at 34% but after Germany successfully lobbied for and got 41% the UK Government raised too!
It applies to accounts with at least £7million in and will take effect from 1 January 2013.