UK-Switzerland agreement on UK tax evaders

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UK-Switzerland agreement on UK tax evadersThe UK government believes that about €25bn of untaxed assets of UK taxpayers are hidden in Swiss banks. The amount is nearly 10 times less than German taxpayers are hiding in the Swiss banks but the UK government is adamant to bring tax revenue to the UK. Like the German government, the UK government have reached an agreement with the Swiss authorities to tax the hidden assets. The terms of the agreement reached back in 2012 are the following: • A one-off levy on existing Swiss assets owned by UK residents, worth between 21% and 41% of the assets • A withholding tax on future income and gains, at rates ranging from 27% to 43% • A 40% per cent inheritance tax on Swiss assets for UK investors. Tax revenue is to be collected by the Swiss authorities on behalf of the UK government. The UK government is cooperating with the Swiss authorities to ratify the agreement.