Switzerland has paid the UK tax authorities £258m in unpaid taxes on hidden assets representing the first tranche specified under the UK and Switzerland tax agreement. Converted into Swiss francs, almost CHF900m (USD969m) was transferred in tax and around CHF12bn of assets revealed.
This is the first transfer of funds made by the Swiss Federal Tax Administration (FTA) with further payments expected in the coming months. The UK/Swiss Tax agreement came into force on 1 January 2013 to address the issue of non-UK-tax-compliant assets held or managed in Switzerland. From end of July 2013 to June of 2014, the FTA will forward the amounts stemming from the regularization of assets along with the exposure announcement to the tax authorities on a monthly basis.
