The major tax changes introduced
by the Chancellor, including UK-Swiss tax agreements and handling
dishonest tax agents
The two major items in the 2012 Finance Bill relating to the
administration of tax, have already been widely publicised, will not
actually come into effect until next year and, in their own ways,
are controversial.
UK-Swiss agreement
The UK-Switzerland tax agreement, which has come in for criticism
on a number of fronts, is to be given legal effect from 1 January
2013. Essentially it allows UK tax evaders to retain their anonymity
upon payment of a withholding tax. This provides them with a certificate
that they can produce if, at any subsequent time, they become the
subject of a Revenue investigation which will absolve them from any
UK tax, interest and penalties in respect of those assets.
