THE DAILY TELEGRAPH: UK citizens will have to hand over millions of pounds in backdated taxes on secret bank accounts, after it emerged that the Government is close to signing a disclosure deal with Switzerland.The European country is known for its banking secrecy and the Treasury estimates tens of thousands of British people have stored £125bn in its institutions without paying UK tax.
Any deal is likely to include a withholding tax, taken by the bank on dividend and interest payments, and a levy on previously untaxed income. Read on and comment » | Rowena Mason | Sunday, April 24, 2011
