The Exchequer Secretary to the Treasury (Mr David Gauke)
On 6 October the Government signed an agreement with the Swiss confederation on co-operation on tax matters. The agreement seeks to tackle tax evasion by UK residents through the use of Swiss financial services. It will clear up past tax liabilities through the imposition of a significant one-off levy, safeguard future revenues through a new withholding tax on investment returns, and expand the powers of HM Revenue and Customs to find out about Swiss assets.
The text of the agreement has been deposited in the Libraries of both Houses and is available on the HM Revenue and Customs’ website.