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swiss uk tax deal could yield significantly less

By International Adviser, 8 Jul 13

The Swiss banking industry has thrown doubt on an expected £3bn windfall from secret accounts in the Alpine country.

The Swiss banking industry has thrown doubt on an expected £3bn windfall from secret accounts in the Alpine country.

The Swiss Banking Association (SBA) said on Friday that the implementation of the tax agreement, which was first struck in August 2011, is proceeding on schedule but that “less tax than expected is being transferred to the UK by means of the one-off payment”.

Click here to read what industry experts thought of the deal at the time

“First indications from selected banks in Switzerland show that there are fewer untaxed UK assets in Switzerland than had been previously assumed,” the SBA said in a statement.

“This is mainly due to the fact that many clients have resident non-domiciled status. These clients are not liable to taxation in the UK and thus do not fall under the agreement. Furthermore, numerous UK clients have opted for voluntary disclosure, which comes as no surprise given the latest developments in Switzerland with regard to the announced adoption of a global standard for the automatic exchange of information.”

The SBA added that, as a result of these two developments, less tax than expected is likely to be transferred to the UK and that “the possibility can therefore not be ruled out that either none or only a small part of the banks’ guarantee payment of CHF 500m (£340m, €400m) will be recovered”.
 

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.