[size=50:16879ck8]Daily Telegraph

[size=150:16879ck8]UK nears Swiss tax deal

UK citizens will have to hand over millions of pounds in backdated taxes on secret bank accounts, after it emerged that the Government is close to signing a disclosure deal with Switzerland.

It is understood that the Swiss will hand over details of individual accounts if HM Revenue &
Customs By Rowena Mason 5:48PM BST 24 Apr 2011

The European country is known for its banking secrecy and the Treasury estimates tens of thousands of British people have stored £125bn in its institutions without paying UK tax.
Any deal is likely to include a withholding tax, taken by the bank on dividend and interest payments, and a levy on previously untaxed income.
It is understood that the Swiss will hand over details of individual accounts if HM Revenue &
Customs can demonstrate they have been used to evade taxes.
It follows an outline agreement between the UK and Switzerland in October, when it was agreed in principle that a withholding tax would be imposed.
The two countries amended their tax treaty in 2009, but British officials wanted more disclosure from the Swiss banks. Final details of the deal are expected within the next month.

What a shame. They will have to clean their own Moats now!!!

On a similar note I don't think it will be long before some in Bg will be facing some questions too, the arm of the law now stretches to all corners so you can run but not hide.

[size=50:1td0o5oc]Daily Telegraph

[size=150:1td0o5oc]Switzerland threatens to clamp down on tax exiles
Financiers who quit London to take advantage of Switzerland's low levies could be hit with bigger bills amid a backlash against foreign tax exiles.

La Gauche, Switzerland's left-wing party, has started a petition to abolish tax deals for rich foreigners across the whole country.
A raft of Swiss cantons are holding public referendums to abolish the tax deals for rich foreigners. On Sunday, Thurgau will vote on whether to scrap the deals. Another five cantons are set to hold similar referendums over the next few months.

La Gauche, Switzerland's left-wing party, has started a petition to abolish tax deals for rich foreigners across the whole country. The centre-left Social Democrats and the Green party have also come out in favour of abolition. Zurich, the country's business and financial centre, abolished the favourable arrangements for foreigners two years ago. The change prompted an exodus of 46pc of foreign tax exiles.
Unpopular tax hikes in Britain, in particular the 50pc higher rate income tax, have led to a steady stream of hedge fund managers, bankers and business owners moving to Switzerland. At the same time, the Swiss offered increasingly attractive and simple tax packages to individuals and businesses to encourage the moves.

Google, Kraft and IBM have all chosen Zurich as their European headquarters. Two of London's biggest hedge funds - Brevan Howard, which manages $32.6bn (£20bn) in assets, and Bluecrest, which manages $25bn - moved their headquarters to Switzerland. Nat Rothschild, the billionaire financier, lives in Klosters;
Bernie Ecclestone, the F1 tycoon, lives in Gstaad;
and Norman Foster, the architect, lives in St Moritz and Geneva. The tax exiles face paying as much as 10 times more on their worldwide income as well as their property and other assets, according to experts cited in a Sunday newspaper. The change in mood is already persuading some exiles to return, including Frederic Denjoy, a former trader in Brevan Howard's Geneva office who has set up a new hedge fund in Mayfair.

Bulgaria is not exempt, they are starting to check everything here at the moment as well, not just money put into banks but UK people who are working here as well. Burgas airport started last year with checking anyone that was offering airport transfers, all documents must be in order, including insurance etc for moving paying passengers. You also need to produce that you are a trading company and not just doing the odd bit of work as they say for beer money. This year the tax office has an office in the airport and are going to check all vehicles that come in and out of the airport, so if you are doing work and not declaring it you will be found out.