Tax evasion deal threatens to leave Swiss banks out of pocket
Friday 05 July 2013
Swiss banks could be left out of pocket as
a result of a tax-evasion deal agreed between the Alpine state and the UK.
Last year Switzerland said that its banks would pay Sfr500 million (£347 million) upfront to the UK Treasury as part of an agreement to clamp down on tax evasion by British citizens.
This was supposed to be recoverable by the banks from the savings accounts of British subjects in the country.
But today the Swiss Bankers Association warned that there were fewer untaxed British assets in the country than it first thought, meaning that the banks might not be able to recoup the upfront payment.
“The possibility cannot be ruled out that either none or only a small part of the banks’ guarantee payment will be recovered” the SBA said.Credit Suisse expects to register a loss of Sfr90 million as a result.
Switzerland agreed to impose a withholding tax on UK savers in exchange for a right to retain its traditional banking secrecy.
The country has signed similar deals with Austria and Germany.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The magicians using online collaboration to push the boundaries
Jennifer Lawrence attacks mass media again over body image
Paris charity auction staged to save the ancient city of Tyre
scienceScientists find the answer to a question that even puzzled Darwin
A very timely Great Train Robbery and a frantic 24 Hours in A&E among the highlights
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Colin Farrell reveals ‘affair’ with Elizabeth Taylor: 'She was my last romantic relationship'
Ian Watkins: Paedophile Lostprophets singer sentenced to 35 years for child sex offences, as judge labels him a 'dangerous sexual predator'
Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Ian Watkins: Paedophile Lostprophets singer sentenced to 35 years for child sex offences, as judge labels him a 'dangerous sexual predator'
- 4 Christmas comes early: Justin Bieber announces he's 'retiring from music'
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£25000 - £32000 per annum: Harrington Starr: Junior Business Analyst - Banking...
£25000 - £35000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...