Will James Bond films ever be the same again? As the details surrounding HM Revenue & Customs’ tax treaty with Switzerland emerge and tax experts rush to analyse the implications for their clients, could it be that the appeal of the Swiss Bank account has finally had its day? Or will it leave those craving the anonymity of the Swiss system shaken but not stirred?

From 2013, a new withholding tax of 48% on investment income and 27% on gains will ensure the effective taxation of UK residents with funds in Swiss bank accounts. Details of individual accounts will not be revealed but account holders will get certificates stating they have paid the charge.