Taxation deal over secret Swiss accounts

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The Independent Online

Switzerland and Britain have agreed to work towards regularising untaxed assets that British citizens have stashed in secret Swiss accounts, and to introduce a withholding tax to preserve bank secrecy.

"Taxpayers should not be deterred from accounts in Switzerland. In future, though, the risk of tax evasion should not impact on the investment decisions of UK taxpayers," the Swiss government said after its finance minister met Chancellor George Osborne yesterday.