Harnett Accountants Kensington – Swiss Banks In Tax Clampdown

Key Considerations

“The two biggest Swiss banks could lose as much as $65bn (£40bn) in deposits as part of growing international efforts to curb wealthy individuals’ use of the country’s banks to facilitate tax evasion.

Head of UBS Jürg Zeltner told the Schweizer Bank magazine this week that he expected any resulting changes to the Swiss banking sector would cause UBS’s clients to withdraw between SFr12bn and SFr30bn (£8bn-£19.9bn), predicting that the outflow would continue for “quite a while yet.”

The news comes as the taxmans crackdown on tax evasion continues. US authorities are also investigating tax evasion by US citizens using Swiss banks, and this is expected to lead to further “outflows” over the next 10 years. The UK, Germany and Australia have all struck deals with Switzerland, leading to a one off fine and further fines imposed for remaining taxes outstanding.

If you need advice about taxes, or help to make sure that you are paying exactly the right amount of tax, and running your business in the most tax efficient way possible, contact our accountants in kensington and we will arrange a free, one hour, no obligation consultation. You can contact us through our website or on 020 8977 3883. Also you can . Additionally, you can keep reading our daily blogs.