Swiss and UK come to Tax Agreement

A landmark agreement between the British and Swiss governments will force UK taxpayers to pay tax on undeclared money held in Swiss accounts. The tax levy of 50% was announced after the agreement was announced. The targeting of undeclared money held in private accounts will reportedly raise £3 billion and signifies a crackdown on tax havens used by UK taxpayers. investors caught by the new agreement will also be required to pay a retrospective levy for unpaid tax. Switzerland will legitimise the acounts and tax the accounts using a no named basis.