That Swiss Bank Account Deal May Actually Cost The UK Government Money

Money Euros Pounds Dollars

Photo: Images_of_Money

Remember that deal the UK tax authorities cut with Switzerland so they could tax all those mysterious bank accounts? The one they hoped would claw back some £3 billion and £6 billion ($4.9 billion and $9.8 billion)?Campaign group Tax Justice Network has released a new report that will likely raise far less money due to the loopholes in the system. They estimate a revenue of £1 billion and say it may even end up costing the UK government money.

“It’s hard to see how the British public will benefit in any way from this flawed agreement. Worse, it will reverse years of progress made by the EU towards tackling tax evasion through automatic information exchange,” said John Christensen, director of the TJN.

The UK’s Revenue & Customs has claimed that the criticism is exaggerated.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.