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If you’ve kept an eye on the recent news articles on this site, you will have noticed that we have focused quite strongly on the fact that many companies have managed to escape the payment of relevant corporation taxes, which should be due to the HMRC, through holding accounts in Switzerland and some other equally secretive banking nations.
This may all be about to change. The USA have already taken action against a Swiss banking giant and this led to UBS having to pay a fine of $788 million US, and even more importantly, to this banking organisation having to disclose the details for some 250 US account holders to the investigators. And, it does not end there. The US Department of Justice is in the process of suing UBS further. They are attempting to force the organisation to reveal the details of more than 52,000 other American account holders.
Needless to say that this could have a huge knock-on effect for the UK, and most certainly not in a detrimental way. The HMRC are already doing what they can to claw back essential corporation tax revenues and if Switzerland were forced to give up their secret standard practices, this could prove to be hugely beneficial to this endeavour.
Recently, Gordon Brown and other leaders of the World’s leading economies have snubbed Switzerland to a huge extent. No doubt they are all sick and tired of Switzerland protecting investor’s rights to privacy and consequent essential tax revenues being lost as a result. With the G20 summit about to take place in London, in April ‘09, Switzerland were literally furious when as the seventh largest economy in the World, they were not extended an invitation to attend.
No national economy can afford to lose out on these vital tax revenues. Especially now when the World is facing one of the worst recessions in living memory. It will be very interesting to keep a close eye on the outcome of the case between UBS and the US Department of Justice. Crucially, if the US wins this case, this may well open the floodgates to litigation from other nations and to the eventual demise of Swiss secret banking practices as they are known at present.
1st Contact will endeavour to keep you abreast of these details as and when the may transpire. So, do keep checking out this site over the coming weeks and months.
For any accounting enquiries that may relate to corporation tax, or any other taxes for that matter, consult 1st Contact Tax today. 1st Contact Tax are also very proud of the fact that they offer a wealth of information in connection with contracting and we are hopeful that you should find the majority of what you may be looking for, directly through this site. Again though, for any enquiries that may relate to contracting, please contact us 1st Contact Tax offers Specialist tax services to contracting professionals these services include: Contractor Accounting, Contractor Umbrella payroll, Personal Tax for Contractors, Limited Companies for Contractors and Contractor Financial Advice..