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Osborne’s Swiss tax raid revealed as £2bn flop
by Daniel Grote on Sep 23, 2013 at 07:50
Chancellor George Osborne's highly-publicised targeting of wealth held in Swiss bank accounts has raised £2 billion less than hoped, according to figures from HM Revenue & Customs.
According to the figures, the Treasury has raised £747 million from the crackdown on offshore tax evasion, The Sunday Times has reported. That falls far short of the £3.2 billion the government hoped to recover.
British residents with Swiss assets were hit with a one-off levy of between 21% and 41% in May, while a further withholding tax on future gains and income of up to 43% will be applied annually.
Ronnie Ludwig, partner at accountants Saffery Champness, told The Sunday Times: ‘It was massively optimistic [for the Treasury] to expect it might actually recover £3.2 billion.
‘Those who wish to avoid the taxman’s scrutiny will continue to use very sophisticated tax planning structures.’
The Treasury said: ‘We have always been clear that the one–off payments are just one part of the tax we expected to recover under the Swiss agreement.’
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