Is it time to move that money?
| Related: | Personal Finance•Tax•Income Tax |
A new agreement between the UK government and the Swiss authorities means that tax will be charged on monies held in Swiss bank accounts.
The Swiss government has agreed to tax money held by UK citizens in Swiss bank accounts for the first time, while still hiding their identity.
The deal could see between £3bn and £6bn a year being handed to HMRC by the Swiss authorities.
The agreement is the latest part of HMRC's efforts to track down and tax money hidden in offshore bank accounts.
I'm wondering where is best place to stash that cash now?!!
Responses (5)
Lol, Parchester, under the floorboards?!
Hmm, on second thoughts, I'd be happy to...umm...look after it for you... ;-)
Gosh have you got some Parchester? We could all look after it for you if that's ok with you. Mine keeps disappearing fast with all the world crises and by the time I'm old it will be all gone and I won't have to worry about it then will I.
This is one problem I would like to have..... :)
I am amazed that this has never happened before. I mean, how can every UK citizen remain totally accountable when their identity can still remain secret despite having millions on deposit. Does this mean that people could be substantially wealthy 'off shore' and yet make application for income support, housing benefits and legal aid? I assume that HMRC will be receiving accumulative lumps of taxation with no idea where they are coming from, apart from Switzerland of course.
As for the question about this affecting my financial empire, I just wish i could say it was of concern.
If you have ISA's the government will know what funds you have, should you wish to make a claim for income support, as ISA's are linked to your National Insurance number.
This will not take effect until 2013 and so by announcing it now, it affords those 'off shore' millionaires the opportunity to move their accounts to other more favourable regiemes.
So all those wealthy politician's and friends of those in power, have ample opportunity to move their money to other banks in other countries that do not have a reciprocal arrangement.
Thereafter, a large wad of anonymous monies will flow into the exchequer. Some are predicting in the region of £5 billion.
Wish I had some to move Parchester. If I had any it would be stashed away in the cupboard under the stairs along with my button collection and other intrinsics.
I defy anyone to find anything in there so it would be well hidden along with Shergar and Lord Lucan.
That must be some cupboard, Lillie, if you've got Shergar and Lord Lucan in there as well! ;-)
I daren't look Fruity, I'm afraid something will jump out at me.
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