Daily Mail

£5bn tax raid on British fortunes in Swiss banks

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THOUSANDS of wealthy British investors hiding money in Swiss bank accounts will finally be forced to pay billions in unpaid tax under a deal that comes into force today.

Under the settlement between UK and Swiss authoritie­s, an estimated £5billion will be clawed back and handed to HMRC over the next six years. The deal, signed in 2011, was hailed as the largest tax evasion settlement in UK history by Chancellor George Osborne.

However last night critics attacked the deal as shielding ‘criminal tax avoiders’ – because they will be allowed to remain anonymous to HMRC as long as they pay what they owed in the first place. The actual number affected by the deal is unknown because Swiss banks are notoriousl­y secretive about clients – but they are likely to include anyone from investment bankers to celebritie­s and criminals.

At the end of May they will be given a final chance to disclose their affairs and pay what they owe.

If they do not, the money will be deducted automatica­lly by Swiss authoritie­s and repatriate­d to the UK.

The charge will range from 21 per cent to 41 per cent. It is estimated the move affects £40billion of assets held in Swiss accounts by British investors.

But tax campaigner Richard Murphy said: ‘Honest taxpayers are seeing criminals who broke the law being allowed to wipe the slate clean.’

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