Taxation in the United Kingdom

James To Kun-sun. Photo: Edward Wong

Long arm of UK taxman reaches city

UK taxpayers with bank accounts in Switzerland will have to disclose their account details or be taxed up to 41 per cent of their balance under a deal between the two countries. The UK-Swiss Confederation Taxation Cooperation Agreement, which was signed in 2011 takes effect this year and is designed to crack down on tax evasion.