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Tax Deal With Swiss Banks

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http://www.bbc.co.uk/news/business-14649194

Going to bring in revenue of £5Bn a year by 2013 :blink:

"....The Swiss government has agreed to tax money held by UK citizens in Swiss bank accounts for the first time, while still hiding their identity.

The deal could see between £3bn and £6bn a year being handed to HMRC by the Swiss authorities.

The agreement is the latest part of HMRC's efforts to track down and tax money hidden in offshore bank accounts.

It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.

'Significant sums'

UK officials said the agreement was a landmark one.

"The world has changed for tax evaders," said Dave Hartnett of HMRC.

"A few years ago, nobody would have anticipated that we would conclude an agreement with Switzerland to tackle tax evasion..."

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Is this why certain sports and music celebs are reportedly moving from Swiss land to Monaco?

It's hardly a big deal. They'll just move the Nazi gold to another country.

What was a little weird is that the Swiss agreed to let HMRC have the details of 500 people a year to investigate. Exactly 500, no more.

What onm earths going on there? Why would the Swiss suddenly play ball, but only a little? Any answers please anyone.

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http://www.bbc.co.uk...siness-14649194

Going to bring in revenue of £5Bn a year by 2013 :blink:

"....The Swiss government has agreed to tax money held by UK citizens in Swiss bank accounts for the first time, while still hiding their identity.

The deal could see between £3bn and £6bn a year being handed to HMRC by the Swiss authorities.

The agreement is the latest part of HMRC's efforts to track down and tax money hidden in offshore bank accounts.

It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.

'Significant sums'

UK officials said the agreement was a landmark one.

"The world has changed for tax evaders," said Dave Hartnett of HMRC.

"A few years ago, nobody would have anticipated that we would conclude an agreement with Switzerland to tackle tax evasion..."

:)

I love that last quote. I'm no tax expert but I knew back in 07 that Switzerland was hoplessly compromised. Speaking to locals (solicitors and such) they all knew too.

So all the people that matter in terms of funds hidden abroad will have taken necessary steps to avoid this a loooong time ago. The only people who will get caught are the small players.

Edited by _w_

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It's hardly a big deal. They'll just move the Nazi gold to another country.

What was a little weird is that the Swiss agreed to let HMRC have the details of 500 people a year to investigate. Exactly 500, no more.

What onm earths going on there? Why would the Swiss suddenly play ball, but only a little? Any answers please anyone.

Quite a lot of 'rioters' in London were opportunists stealing food?

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It's hardly a big deal. They'll just move the Nazi gold to another country.

What was a little weird is that the Swiss agreed to let HMRC have the details of 500 people a year to investigate. Exactly 500, no more.

What onm earths going on there? Why would the Swiss suddenly play ball, but only a little? Any answers please anyone.

Possible reasons.

1. Obama went after Swiss banks in a big way - easier for them to grass up on a token number of US and UK super-rich whilst keeping the secrets of the rest?

2. Swiss banks allegedly really in trouble financially and relying on US Fed printing as much as any other European bank?

3. Fears that US artificial cheese might destroy their lucrative high quality cheese industry?

4. Fears of being labelled the new French and made fun of in Family Guy and The Simpsons?

5. Because they are nice?

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It's hardly a big deal. They'll just move the Nazi gold to another country.

What was a little weird is that the Swiss agreed to let HMRC have the details of 500 people a year to investigate. Exactly 500, no more.

What onm earths going on there? Why would the Swiss suddenly play ball, but only a little? Any answers please anyone.

Someone talked up Swiss Francs which has made Swiss produced goods so expensive they are running companies selling at cost or less at the moment just to keep them going.

The City Herd all piled into their Francs.

Accidental "preci_sion bombing" of the cables running thru the Caribbean Islands (stashes)

Edited by erranta

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Possible reasons.

1. Obama went after Swiss banks in a big way - easier for them to grass up on a token number of US and UK super-rich whilst keeping the secrets of the rest?

2. Swiss banks allegedly really in trouble financially and relying on US Fed printing as much as any other European bank?

3. Fears that US artificial cheese might destroy their lucrative high quality cheese industry?

4. Fears of being labelled the new French and made fun of in Family Guy and The Simpsons?

5. Because they are nice?

For centuries, they led the banking Oligarchy.

It failed and they are now visibly bust.

Cue shouting.

Edit: lead led. Not that im suggesting anything.

Edited by Timm

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This will bring in next to nothing, why would you pay this tax in switzerland when you could ask the bank to move your account to their singapore office and pay zero , and any customer with a decent amount of money will have been told long ago , don't keep the money in your own name but start a company or bvi and hold the account in that name , then none of these taxes apply and its much harder if not impossible to trace back to you , the swiss banks will advise you on who and where to set up your corporate ( they don't want to do this themselves as they want it to be done at arms length so they are not part of the evasion scheme ) and you are good to go and these taxes don't apply as the domicile of the corpporate account is where the corporation is based not the uk where the director/shareholder may live....

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The ordinary Swiss citizens pay hefty taxes and quite resent the fact that foreigners are using their country as a tax haven. I mean, they don't like foreigners to start with, they're dirty and ill-educated, and then not paying taxes just makes them worse: the Swiss are extremely law-abiding. Grassing up foreigners is not controversial in Switzerland.

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It's hardly a big deal. They'll just move the Nazi gold to another country.

What was a little weird is that the Swiss agreed to let HMRC have the details of 500 people a year to investigate. Exactly 500, no more.

What onm earths going on there? Why would the Swiss suddenly play ball, but only a little? Any answers please anyone.

That's easy.

They want to open up to cases where there's reasonable suspicion. If they don't limit it, it becomes an open invitation to go fishing.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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